Hotel AG Lists Marriott OSU - Columbus, OH
Hotel Assets Group, LLC is pleased to exclusively offer the Marriott University Plaza Hotel at Ohio State University. The property is a 232-room full service Marriott that is approved to be redeveloped from a previously independent-flagged hotel. The property is located walking distance from the gates of The Ohio State University, in Columbus, OH, and is being offered unencumbered of debt and management. Below is an overview of the asset.
The Marriott University Plaza has been fully approved to be redeveloped from an independent, 243-room property. The transaction includes the full architectural drawings. Once the conversion is complete, the new Marriott will operate as a 232-room full service hotel.
The renovation plan will strip the hotel down to its concrete base, replacing almost the entirety of the hotel, including the elevators. Every guest room will be gutted and refurbished, and the exterior walls and windows will be removed and replaced at the outer lip of the room’s load bearing concrete-plank floor. The P-tac systems will be removed, and a central one-pipe air handling system will be installed. All rooms will be updated with new doors, locking systems, bathrooms, rooms safes, furniture, carpeting, 42” flat screen TVs and the latest Marriott decorating scheme.
The hallways will be remodeled and there will be new color schemes for both the interior and exterior of the property. Both the electrical and life safety systems will be upgraded to Marriott standards. The existing front entry way and porte-cochere will be removed, and a new main entry for the hotel will be created on the north side of the building. Approximately 6,000 sq ft. at the new entry will be razed in order to create a high-ceiling entrance. The roof-top HVAC systems will be replaced, and the current abandoned medical office building that sits adjacent to the property will be demolished, and the area will be paved over and landscaped.
The room count will be brought from 243 to 232 in order to accommodate a new indoor pool, first floor fitness center and a guest business office. New meeting facilities will be added that will include a sub-dividable conference room, junior ballroom, plus two additional meeting spaces. The new meeting space will total approximately 18,300 sq ft.
The property was just granted a 10 year property tax abatement by the city of Columbus. The abatement will save a new owner 75% of the new assessed value, upon completion of the conversion. In order to attain the abatement, the conversion must be completed by 2015. The real estate tax bill is proportioned as follows: 67% to the local school district, and 33% to the city of Columbus. Estimated savings in year one of the abatement are approximately $131,000.published: 09-20-2013