| Name |
Red Roof Inn Columbia |
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| Location |
Columbia, SC (map) |
| Number of Rooms |
108 |
| Asking Price |
$2,900,000 |
| Price/Room |
$26,852 |
| Ownership |
Fee Simple |
| Investment Highlights |
• Limited service property in sought-after marketplace
• High traffic / visibility location
• Discount to replacement cost
• Ideal owner / operator opportunity
• Unencumbered by both management and affiliation
|
| Property Overview |
The Red Roof Inn is located adjacent to Interstate 26 on the southwest corner of the exit, just one exit north of the Interstate 26 / Interstate 20 interchange, also known as “The Crossroads.” Approximately 95,000 cars pass the I-26 / St. Andrews interchange daily and the property features excellent visibility and access with multiple access points from Interstates 20 and 26. Because of the property’s advantageous location, within close proximity to the Red Roof Inn are many of the area’s demand generators, in fact, Downtown Columbia, the Columbia Metropolitan Convention Center, the State Capital, and the University of South Carolina (current enrollment exceeds 27,000 students), including its sporting stadiums and arenas, are located approximately 6 miles to the southeast via Interstate 126. The Columbia Metropolitan Airport is located roughly 9 miles south and Fort Jackson is approximately 20 miles southeast. Numerous office buildings and business campuses are located north and south of the Red Roof Inn along Interstates 20, 26, and east and west along St. Andrews Road and Bush River Road. Major companies in the immediate area include Colonial Life Insurance, Covansys, Intel, NCR, Westinghouse Electric, AT&T, Allied Signal, Lucent Technology, BellSouth, UPS, Michelin, International Paper, Honeywell, Siemens, Bose and DuPont. Additional demand generators and attractions include Finlay Park, Columbia Museum of Art, South Carolina State Museum, Koger Center for the Arts, South Carolina State Fairgrounds, Williams-Brice Stadium, Dorns Veterans Affairs Hospital, and Webster University.
The property consists of two rectangular, two-story, exterior corridor buildings with 108 guestrooms situated on 2.75 acres and is being sold unencumbered by both brand and management. Alternate use / positioning strategies exist, after proper renovation, as the property’s design and layout make it ideal and could include economy / budget extended stay (See Scenario A) operations, a combination of extended stay with a dedicated transient building (See Scenario B), or for multifamily housing. The acquisition, subsequent renovation, and affiliation with a strong nationally recognized brand could position the hotel as one of the most profitably dominant properties in the immediate market with increased average rates and overall revenues.
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