CBRE Hotels is offering, on an exclusive basis, the opportunity to acquire the six-story 230-room Columbus Airport Marriott located at John Glenn Columbus International Airport in Columbus, OH. Upon PIP completion (PIP posted on document center), Marriott will license the Hotel for a new 20-year term. All-in cost, including PIP, would be less than half of estimated replacement cost. This is a tremendous value-add opportunity given its prime location near an international airport, proximate to a strong Downtown and growing City in-the-midst of ~$50 billion in new economic development. This development will be key to support the forecasted population growth of ~30% over the next 25 years.
Investment Highlights
- The Hotel at the Glenn International Airport is centrally located one-mile from the Airport, five-miles from the Central Business District, and less than five-miles from Easton in Columbus Ohio. Convenient access to the Columbus Convention Center, the Ohio State University, Easton Towne Center, and the new Intel Plant ensures that the Hotel will be at the crossroads of commerce, and travel for decades. Columbus’ metro population is forecast to grow by 700,000 to over 3 million people over the next 25 years, due to approximately $50 billion in major development. Projects include: Intel, Honda/LG/Ford, Amazon, Hyperion, Ohio Health, Children’s Hospital, Port Columbus, Meta and Google.
- This full-service six-story masonry-built Hotel sits on a 7.93-acre parcel with approximately 540 parking spaces to serve the 230 sleeping rooms and 14,309 S.F. of event space. There is an opportunity to sub-divide and sell the excess parking lot. The all-in acquisition costs of the Hotel, including PIP, will be a fraction of the replacement costs.
- An energy assessment was conducted by Sol Vista on September 31, 2021. This assessment stipulated multiple energy conservation measures which based on the applicable rates would reduce energy costs by over $60,000, at minimal to moderate cost. The assessment can be reviewed in our document center.
- The Glenn International Airport has recovered nearly 90% of the pre-covid travel peak of 8.65 million passengers.
- Prior to Covid (in 2019), the competitive set experienced occupancy of 75% at a $120 ADR, equating to a $90 RevPAR with room for growth. The Hotel hit 78.7% at $124, for RevPAR of $97.66. RevPAR index of 108.3% was achieved in 2019. The 2022 Revenue metrics have not recovered at the market pace, due to the need for PIP completion. A major opportunity exists to complete the PIP requirements and recapture lost market share.
- Marriott will offer a new 20 year license term with PIP completion, which will be minimized by full bathroom renovations, (including tub to shower conversions) in 2015. The physical plant has been well-maintained by ownership. Completed work includes the previously mentioned bathroom renovations, new Chiller for the four pipe HVAC system, and RFID lock system with mobile key access.
- The $20 billion Intel project is in vertical construction as of Q2 2023, and is beginning to drive significant travel. This is also true of the Honda/LG/Ford electric battery plant, and numerous other economic development projects in the City. The Hotel is uniquely positioned to benefit from significant new demand, as the Metro area population, employment base and group business expands.
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