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Holiday Inn Express - Elkhart, IN (ID: 15112)
Hotels Under 100 Rooms | ELKHART, Indiana, United States |
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| Price: |
USD 5,400,000 |
| Status: |
Expired |
| Year Built: |
1996 |
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Property Description |
Built in 1996, the Holiday Inn Express - Elkhart, Indiana, is a 63-room, three-story, interior-corridor hotel. Built under the IHG parent company, the Holiday Inn Express spacious rooms with exercise room, pool and jacuzzi, business services and free high-speed internet. This property is one of three adjacent lot hotels being sold by the same Seller. The properties may be purchased individually or as a portfolio.
The other two properties in the portfolio include a 65-room Candlewood Suites and a 62-room Comfort Suites. Elkhart Indiana is located in Central Northern Indiana approximately 100 miles directly East of Chicago. The portfolio sits at the intersection of the Interstates 80/90 and Highway 19, less than 2 miles from the Elkhart City Airport.
Local area market drivers include the University of Notre Dame, Indiana Amish Country, RV Capital of the World, South Bend Michiana Regional Airport, Elkhart City Airport, and the Century Convention Center.
The Holiday Inn Express offers the owner/investor a 9.3% CAP Rate
and a 12.6% Cash-On-Cash return based on April 2008 Trailing-12
numbers. Management and Reserves of 4% each are also included in
these calculations.
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