Listing Agents
Andrew Makhlouf
312.610.9067
amakhlouf@paramountlodging.com
Eric Skipworth
312.248.4109
eskipworth@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee simple interest in the 103-room La Quinta Inn & Suites Detroit Utica, MI offered for purchase through a traditional sale
- Available unencumbered of debt and management and at a significant discount to replacement cost
- Ability to retain the La Quinta flag with a new long-term license upon completion of the change of ownership PIP
- Asset is subject to a PIP ceiling which is not to exceed $5,000 per key
- Substantial operational upside in transitioning away from a larger institutional owner and national third-party operator to an investor with more regional operating economies of scale
- Adjacent to the expansive Detroit Defense Corridor accounting for nearly $25B in public and private defense related contracts in recent years and approximately $46B in annual goods production
- Readily accessible to all local leisure demand including Michigan Lottery Amphitheatre, Jimmy John’s Field, Big Boy Arena, and 31 miles of shoreline
- Readily accessible to all neighboring healthcare demand including the 112,000 square-foot Beaumont Macomb Medical Center, the 530-bed Beaumont Hospital Troy, the 361-bed Henry Ford Macomb Hospital, and Shelby Macomb Medical Mall
- Readily accessible to all regional university demand including Walsh College, Rochester University, Oakland University, and Macomb County Community College with a current enrollment of over 33,000 students
- Proximate to all broader Detroit Metro area corporate demand including downtown Detroit, General Motors Headquarters, Ford Headquarters, and the 5.3MM square-foot Stellantis North American Headquarters which employees over 46,000 people
- Proximate to Detroit Metropolitan Airport (DTW) which saw an annual increase of over 19% in total passenger volume for 2022 and has an average Trailing-6 increase of 12% for 2023 monthly enplanements over the previous year
- Optimal time to capitalize on the counter-cyclical growth of the Detroit Metropolitan Area on the heels of expansive late cycle growth across the region and the continued renaissance of downtown Detroit
- Downtown Detroit anchored by nearly $3BB of private and public construction projects over the past four years and a recently revealed $2.5BB investment through a partnership of Henry Ford Health, the Pistons, and Michigan State University beginning in 2024