Hotels for Sale

Homewood Suites Detroit / Troy, MI

Address:
Troy, Michigan
Description:
  • Fee  simple  interest  in  the  150-room  Homewood  Suites  Detroit-Troy,  MI  offered  for  purchase  through  a receiver sale
  • Available unencumbered of debt and management and at a significant discount to replacement cost
  • Upscale, premium-branded extended stay asset in a top-20 MSA with average Pre-COVID trailing 36-month RevPAR of $100+
  • Strong  operational  upside  in  purchasing  out  of  receivership,  completing  the  PIP,  and  securing  a  new  long-term franchise agreement with Hilton
  • Opportunity to further bolster rate upon completion of the renovation with property averaging greater than 80% occupancy over the trailing 36-months pre-COVID
  • Ideally located within the affluent Troy market - home to 21MM SF of office and engineering space, 16MM SF of manufacturing space, and 7MM SF of premium retail space
  • Readily accessible to all core Troy and neighboring community demand including the Big Beaver Road Office Corridor,  North  Troy  Business  park,  Flagstar  Bank  Headquarters,  Children’s  Hospital  of  Michigan,  Somerset Collection Mall, and the 1,100+ bed Beaumont Royal Oak Medical Center
  • Proximate  to  all  broader  Detroit  Metro  area  demand  including  Chrysler  Headquarters,  Oakland  University, Detroit Defense Corridor, DTE Energy Music Theater, downtown Detroit, General Motors Headquarters, Ford Headquarters, and Detroit Metropolitan Airport (DTW)
  • The extended stay nature of the asset lends itself to potential alternative use and residential conversion with nearby  neighboring  amenities  including  LA  Fitness,  the  recently  opened  46,000  SF  Whole  Foods,  and downtown  Birmingham  -  one  of  the  Michigan’s  most  affluent  cities  and  on  of  the  region's  highest  $/SF residential markets
  • Optimal  time  to  capitalize  on  the  counter-cyclical  growth  of  the  Detroit  Metropolitan  Area  on  the  heels  of expansive late cycle growth across the region and the continued renaissance of downtown Detroit - anchored by nearly $6BB of private and public investments in the past ten years
  • Detroit remains on of the few Top-MSAs to regularly run 50%+ occupancy since the onset of COVID in March and is uniquely well situated to capitalize on the post-COVID recovery

Listing Agents

Mike Schlictman
T | 312.239.0577
Email

Sean Banilivy
T | 516.456.7525
Email

Bennett Webster
T | 312.239.0560
Email

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