Listing Agents
Lora Simpson
T | 515.729.4516
lsimpson@paramountlodging.com
Chuck Klinkhammer
T | 701.298.2929
cklinkhammer@paramountlodging.com
Adam Montufar
T | 515.446.4181
amontufar@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee simple interest in the institutionally owned and operated 105-room Hampton Inn Cedar Rapids priced at an attractive discount to replacement cost
- Offered unencumbered of management with ability to relicense the Hampton Inn by Hilton flag at sale
- Reduced change of ownership PIP anticipated with seller having already completed an extensive interior refresh in recent years
- Strong in-place performance with a YE 2022 NOI margin of more than 30% and RevPAR up ~24% compared to year end 2019
- Ideally located just off the busy commercial exit of 33rd Ave SW & I-380 with upwards of 90,000 vehicles passing daily
- Within minutes of more than $350MM in development between the new FedEx Ground and BAE Systems facilities, and the recently announced $103MM expansion of International Paper’s southwest Cedar Rapids location
- Convenient to all regional demand including the Alliant Energy PowerHouse, Hawkeye Downs Speedway & Expo Center, Kirkwood Community College, and the Eastern Iowa Airport, which is on track to have its 2nd busiest travel year ever
- Cedar Rapids is the 2nd largest city in Iowa and is part of the Iowa City-Cedar Rapids CSA, a region that is also home to the prominent University of Iowa colleges and hospital/clinics