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Key Details
Sold Price $1
Property Type Hospitality
Listing Status Sold
Purchase Type For Sale
Sold Date 09/24/24
Bedrooms 52
Year Built 2000
Lot Size 1.194 Acres
Property Description
PROPERTY OVERVIEW
• Well-maintained property: Opened in 2000, the 52-key Quality Inn has benefited from ongoing capital improvements by the current owner, ensuring excellent condition.
• Unencumbered management: The hotel presents compelling opportunities to improve market RevPAR penetration and increase NOI.
• Strategic location: Directly located off busy, high-flow I-80, the hotel is the first highway exit as travelers enter Des Moines, Iowa.
• Interior corridor hotel: The three-story property features an interior corridor layout, providing guests with added security and convenience.
• Strong RevPAR growth: The Des Moines CBD/North hotel submarket has experienced an impressive 25.1% increase in twelve-month average RevPAR.
• Thriving local economy: Top companies such as Wells Fargo, Fidelity & Guaranty Life, and Wellmark Blue Cross Blue Shield have headquarters in Des Moines, driving demand for accommodations.
• Cultural events: Des Moines hosts numerous acclaimed events throughout the year, generating additional business for the property.
• High traffic volume: The hotel's proximity to Interstate 80, with over 80,000 travelers per day, ensures consistent demand
Location
State IA
County Polk
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