« EconoLodge | 503 J. K. Powell Boulevard | Whiteville, North Carolina | USA
669 Marina Drive Suite B4
Charleston, South Carolina
USA
P: 843-696-5623
W: http://www.paramountlodging.com/
Contact Joce Messinger
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# of Rooms91
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CAP RateN/A
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MultiplierN/A
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Price Per Key$24,175
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Price$2,200,000
- Year Built: 1988
- Year Renovated: 2010
- Interest: Fee-Simple
- Number of Buildings: 1
- Number of Floors: 2
- Parking Spaces: 120 Spaces
- Climate Control: Available
- Posted By: Broker
- Property Type: Select-Service
- Exterior Corridor: Available
- Hotel is part of a two hotel portfolio however can be sold individually, contact broker for details
- Portfolio represents 100% of the branded product in Columbus County
- Priced well below replacement cost at $24,000 per unit
- Expanding market with the completion of US Interstate 74 expected to replace US Highway 74
- Minimal PIP required due to recent renovations performed in the past 24 months
INVESTMENT STRATEGY
- Leverage position in market with approximately 70% of total room count in Columbus County
- Recent remodel will assist in re-stabilization and returning the property performance to previous market highs
- Capitalize on transient construction business needed to complete I-74 Corridor
- Improve expense structure through combined management of both properties (recently approved by Choice Hotels)
- Sell property after five year hold for a projected 24% IRR at reversion
Paramount Lodging Advisors has been exclusively retained by current ownership with the solicitation of offers to purchase the fee simple interest in the 91-room EconoLodge located at 503 J.K Powell Boulevard in Whiteville, North Carolina. The EconoLodge presents investors with the opportunity to acquire a high-quality, well maintained EconoLodge at an attractive, below replacement cost price. This EconoLodge property has been recently converted from a Best Western and renovated in 2011 with Choice Hotels.
| Year: | 2011 | 2010 (RENOVATION) | 2009 |
| Average Daily Rate: | $73.56 | $81.49 | $74.44 |
| Occupancy Percentage: | 36.9% | 26.1% | 44.9% |
| Revenue: | $908,256 | $705,314 | $1,109,092 |
| Additional Revenue: | |||
| Total Revenue: | $908,256 | $705,314 | $1,109,092 |
| Net Operating Income (NOI): | $182,396 | $86,599 | $356,539 |
*note: Please contact Broker for Complete Details
| Outdoor Swimming Pool | Available |
| Breakfast Area | Available |
| Guest Rooms | |
| Single King | 24 |
| Suites | 8 |
| Others | 59 |
| Guest Room Amenities | |
| Climate Control | Available |
| Television | Available |
| Microwave | Available |
| Coffee Maker | Available |
| Hair Dryer | Available |
| Iron & Ironing board | Available |
Situated in the Southeast corner of North Carolina in Columbus County, Whiteville is located approximately 46 miles due west of Wilmington, NC and 100 miles south of the Raleigh, NC. Charleston, SC among America's busiest shipping terminals and most historical city, is a short drive south, with the attractions of Myrtle Beach, SC even closer.
The population was 5,148 at the 2010 census. It is the only city of Columbus County and is the county seat. Lake Waccamaw is less than 10 miles from Whiteville and drives tourism to the area with its many canoeing, camping and fishing attractions.
Whiteville is served by the Columbus County Municipal Airport and several highways, which include U.S. Route 74, U.S. Route 76, U.S. Route 701, North Carolina Highway 130, and North Carolina Highway 131.
- Lake Waccamaw
- North Carolina Strawberry Festival
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