Listing Agents
Lora Simpson
T | 515.729-4516
lsimpson@paramountlodging.com
Adam Montufar
T | 515.446.4181
amontufar@paramountlodging.com
Detailed Information
Location
Property Highlights
- Leasehold interest in the 176-room Drury Inn & Suites St. Louis Convention Center housed within the historic Union Market building originally built in 1925
- Offered unencumbered of Drury management and brand with several attractive re-branding options available from all major franchisors including Hilton, Marriott, Hyatt, and IHG among others
- Optionality between limited and full-service segmentation with ~5,800 SF of former restaurant space included on-site
- Union Market building contains 461 interior parking stalls that are controlled by the leasehold owner and generate an additional average net income of ~$220k annually
- The building is subject to an attractive, long-term ground lease with the City of St. Louis where annual payments do not increase again until 2038
- Ideally located adjacent to the St. Louis Convention Center and The Dome at the America’s Center Convention Complex
- Within walking distance of the iconic Gateway Arch, St. Louis Cardinals Busch Stadium, and the Ballpark Village dining and entertainment district
- Now is an ideal time to be investing in the St. Louis downtown core with current developments underway including the new $1.7B National Geospatial-Intelligence Agency campus, $461MM St. Louis City SC MLS soccer stadium and district, and $175MM America’s Center Convention Center Complex expansion
- In 2022, America’s Center’s top events are expected to fill upwards of 230,000 hotel rooms and generate $239MM in revenue for the city – up 53% from $156MM in 2019