Extended Stay America Raleigh Northeast, NC

UNDER CONTRACT

• Fee-simple interest in the corporate owned and managed 89-room Extended Stay America (ESA) Raleigh Northeast
• Available for individual sale, part of a South / Southeast ‘Sun-Belt’ 17-property portfolio available in the auction events ending on March 15th-16th
• Ability to purchase any combination of the 17-assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
• Strong in-place performance with trailing-36 months average occupancy of +81%
• Offered unencumbered of brand, debt, and management – with a variety of alternative brand options available for conversion
• Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
• Situated less than three miles from Wake Medical Raleigh Campus – the largest campus in the WakeMed System with six ICUs, two ERs, surgery center, rehabilitation facility, Women’s Pavilion, laboratories/diagnostics, and physician practices
• Ideally located within the Raleigh-Durham MSA / Research Triangle Region, proximate to all regional demand including Duke University, University of North Carolina, North Carolina State University, UNC REX Hospital, PNC Arena, North Carolina Museum of Art, IBM, Cisco Systems, Pfizer, GlaxoSmithKline, and Downtown Raleigh
• Property is readily accessible via Interstate 440 & Capital Blvd interchange with upwards of 160,000 vehicles passing the location daily
• Rare opportunity to purchase corporate owned ESA assets amidst their first public marketing of properties since the +$6B portfolio acquisition in June 2021
• Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
• Extended stay economy product has also vastly outperformed all other lodging sectors in recent years, with particularly robust growth amidst the COVID recovery
• 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
• Optimal time to invest in Raleigh as the city is the fourth fastest growing in the country
• North Carolina has been a primary benefactor of migration trends with business leaders seeking pro-business / lesser tax burdened markets and residents attracted to the sunbelt quality of life
• North Carolina has gained ~133,000 new residents over the past year – making it the third fastest growing state currently, trailing only Florida and Texas