Hotel AG Lists Residence Inn - Southern Pines, NC
Hotel Assets Group, LLC, as sole exclusive agent, is pleased to offer the fee - simple interest in the Residence Inn Pinehurst/Southern Pines (collectively known as the “Property,” or “Hotel”), a limited-service, extended-stay hotel located in Southern Pines, North Carolina.
The Property is ranked in the top 45 of 660 Residence Inn hotels and has been awarded the GSS Silver Award.
The Property is located north of the intersection of Brucewood Road and U.S. Highway 15/501 in the heart of Moore County. The Property is conveniently located near approximately 20 PGA gold rated golf courses including the world famous Pinehurst Resort, which hosted the 2014 Men’s and Women’s U.S. Opens. While the regions high-profile golf amenities are world renown, the hotel market is primarily driven by the presence of Fort Bragg, Pope Airfield, and Camp McCall; the Property is approximately seven miles from the back gate or Longstreet to Fort Bragg. There are major national and local companies nearby which produce strong annual room night demand at the Property which include: FirstHealth, Ingersoll-Rand, Unilever, Tyton BioEnergy Systems, ATEX, Duke Energy, Campbell Soup, Trigger Time, and K-2. Additional, “SMERF” demand is generated by the area sports complexes including the Southern Pines Soccer complex and the Carolina Horse Park. The Hotel is within walking distance to major restaurants and local area shopping.
The Property, originally built in 1996, is comprised of a three -story, interior corridor building which houses all guestrooms, and the Gatehouse building. The Gatehouse contains the lobby, front desk, business center nook, and breakfast area; the Property also hosts evening socials. The Hotel has an outdoor pool, whirlpool, fitness center, sport court, and outdoor picnic and barbeque area. The Property offers an on-site guest laundry facility, ATM, and sundry/convenience store, as well as a grocery shopping service. Public areas offer wireless Internet service as do all guestrooms (wired/wireless). The Hotel has 80 guestrooms containing king, and queen beds; King Studio Suite; Queen One Bedroom Suite; Queen Two Bedroom Suites queen and double bed; Two Bedroom Suite with queen and king beds. All two bedroom suites come equipped with a fireplace. Guestrooms have new bedding and linen and kitchens have a full-sized refrigerator, dishwasher, microwave, and coffeemaker. Most suites have ceramic cooktops and the two bedroom suites have full ovens. Bathrooms have a shower-in-tub and separate vanity area with single sink. All guestrooms include standard Residence Inn Marriott amenities. The Hotel features all necessary back-of-the-house-space. The building size is approximately 58,308 square feet and sits on approximately 4.08 acres.
- $1.8 million in capital improvements between 2013 & 2014
- January 2015 T12 NOI $956,201 (36.8%)
- Conveniently located near 20 PGA gold rated courses including Pinehurst Resort (host to the 2014 Men’s and Women’s US Open) and 7 miles from the back gate entrance to Ft. Bragg
- The diversity of the demand generators has enabled the property to maintain an occupancy of greater than 70% since 2009.
- The hotel is offered free of management and debt with franchise agreement through 2025
- Minimal PIP is expected at change of ownership
To learn more about this listing, contact Andrew Broad at [email protected] or 917-553-4267.published: 03-03-2015