Sonesta Simply Suites Detroit Southfield, MI

UNDER CONTRACT

• Fee-simple interest in the institutionally-owned and third-party managed 121-room Sonesta Simply Suites Detroit Southfield
• Available for individual sale as part of a two-hotel portfolio in the October 23rd auction event in conjunction with ten-x
• Ability to purchase the Simply Suites Southfield with the 104-room Sonesta ES Suites Cleveland Westlake, affording buyers the opportunity to capitalize on strong regional operating economies of scale
• Hotel is operating a ~83% occupancy with in-place yield making the hotel readily financeable
• Offered unencumbered of debt and management with the ability to the Sonesta brand for a new favorable long-term license
• Product type with fully equipped kitchens is ideal for potential residential conversion or other alternative use pending zoning and municipality approval
• Extended stay product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
• 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

LOCATION SUMMARY

• Situated near Henry Ford Medical Center, Beaumont Hospital Farmington Hills, Beaumont Hospital Royal Oak, The Courtyard Office Park, Tel Twelve Mall, Southfield City Centre, and Park West Gallery
• Ideally located within the Detroit MSA, proximate to all regional demand including, Stellantis North American Headquarters (Chrysler), General Motors Headquarters, Ford Headquarters, Oakland University, Detroit Defense Corridor, DTE Energy Music Theater, downtown Detroit, Little Caesars Arena, Ford Field, and Detroit Metropolitan Airport
• Property is readily accessible via Interstate 696 / Northwestern Highway / Telegraph Rd interchange with upwards of 250,000 vehicles passing the location daily
• 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 – anchored by nearly $6BB of private and public investments in the past ten years