Listing Agents
Mike Schlictman
T | 803.920.4173
mikes@paramountlodging.com
Andrew Makhlouf
312.610.9067
amakhlouf@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee-simple interest in the institutionally owned and third-party managed 95-room Extended Stay America (ESA) Akron Copley East
- Available for individual sale as part of a larger eight property portfolio in the October 4th Ten-X Auction Event
- Ability to purchase any combination of eight assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
- Strong in-place performance with trailing-24-month year-over-year average ADR gains of +24%
- Offered unencumbered of debt and management with ability to retain the Extended Stay America brand for a new long-term license
- Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
- Proximate to all regional corporate demand including Goodyear Tire and Rubber Company, Gojo Industries, and FirstEnergy
- Several prominent higher education institutions are proximate to the Subject Hotel including the University of Akron, Bryant & Stratton College, Herzing University, and Kent State University
- Readily accessible to all broader area healthcare demand including Summa Akron City Hospital and Akron Children’s Hospital. Property is readily accessible via Interstate 77 & Ohio State Route 18 interchange with more than 120,000 vehicles passing the location daily
- Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
- Extended stay market grossly outperformed all other lodging sectors amidst the COVID recovery and is ideally well positioned for forward looking growth
- High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering