Fairfield Inn & Suites Melbourne West/Palm Bay, FL

UNDER CONTRACT

• Fee simple interest in the institutionally owned and third-party managed 83-room Fairfield Inn & Suites Melbourne West/Palm Bay, FL
• Unencumbered by third-party management with an opportunity to retain the Fairfield Inn brand through a long-term relicense agreement with Marriott
• The Property is part of a larger institutional portfolio being auctioned in the August 14th event with Ten-X
• Property is conveniently located next to I-95, a major north-south interstate with an annual average daily traffic count of approximately 90,000 VPD
• Popular leisure attractions near the property include the USSSA Space Coast Complex, Brevard Zoo, Historic Downtown Melbourne, and Melbourne Beach
• Nearby Port Canaveral set a record with 6.8 million cruise passengers in FY 2023, which is projected to reach 7.3 million in FY 2024
• The property is part of a larger institutional portfolio being auctioned in August 14th with Ten-X, including the 96-room Fairfield Inn & Suites Kennedy Space Center Titusville, FL, offering buyers a chance to acquire multiple assets and benefit from operational synergies by owning two hotels in nearby submarkets
• Opportunity for strong operational upside by transitioning away from institutional ownership and third-party management with further opportunity to drive occupancy and ADR through completing the Marriott change of ownership PIP
• The property is conveniently located next to the I-95, a major north-south interstate with an annual average daily traffic count of approximately 90,000 vehicles
• Melbourne has a highly diversified economy with a strong presence of companies in high-tech industries, aerospace, healthcare, and education
• Major employers include L3Harris Technologies, Northrop Grumman, Health First’s Holmes Regional Medical Center, and RGNext
• Popular leisure attractions near the property include the USSSA Space Coast Complex, Brevard Zoo, Historic Downtown Melbourne, and Melbourne Beach
• Nearby Port Canaveral set a record with 6.8 million cruise passengers in FY 2023 and is projected to reach 7.3 million in FY 2024, making it the world’s busiest cruise port
• The population in Melbourne, FL has been growing steadily in recent years due to its attractive location along Florida’s Space Coast, the expansion of its aerospace industry, infrastructure improvements, high quality of life, and a lower cost of living relative to other cities in the state