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FORTUNE INN & SUITESOFFERING MEMORANDUM
EXCLUSIVELY LISTED BY:
Ryan LasiterLasiter Real Estate Principal, Partner & Leadership [email protected]
Hospitality InvestmentSale Offering
2MARKET OVERVIEWNewport, AR
Property OverviewThe Fortune Inn consists of 22,046 SF and 57 rooms on approximately 3acres. Additionally, the property features a pool, lounge/bar area andplentiful parking for guests. The property is ideally located alongHighway 367, which experienced 14,000 VPD.
Location OverviewThe Fortune Inn is located by Downton Newport on Highway 367between Little Rock and Memphis in Northeast Arkansas. Newport islocated in Jackson County, AR with a population of 17,135. Newport ishome to Arkansas State University at Newport, a public two-year collegewith enrollment of over 4,000 students.
Arkansas Medical Marijuana ImpactDelta Medical Cannabis Company broke ground on a new 35,000 square foot facility creating 20-30 well-paying jobs for the Newport community. The company plans to invest up to $8 million in construction and open at the beginning of Q3 2019.
New BusinessGränges has decided to restart production at its Newport, Arkansas facility focused on light gauge aluminum foil for various consumer applications. In total, the investment amounts to $26 million. The production in Newport will start in the first quarter of 2019, and then gradually expand as the upgrade is completed. The expansion will create an additional 100 full-time jobs over the next two years, more than quadrupling its size.
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
3EXECUTIVE SUMMARYFortune Inn – Newport, AR
PROPERTY OVERVIEW
Address 815-901 Highway 367 NorthNewport, AR 72112
Business Name Fortune Inn & Suites
Square Feet 22,046
Acres 3.0
Zoning C-1
Number of Floors 2
Number of Rooms 57
Year Built 1980
INVESTMENT SUMMARYList Price: $1,500,000
Estimated Net Income $272,098
Cap Rate 18.13%
$/SF $68.03
$/Room $26,315
APPRAISAL VALUEAppraised Value $2,267,483
Estimated Net Income $272,098
Cap Rate 12%
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
4FINANCIAL OVERVIEWFortune Inn – Newport, AR
2017 2018 - Six Months -January 1st to June 27th
Total Days 365 178
Number of Rooms 57 57
Percent Occupied 50.87% 45.04%
Total Room Revenue $702,019 $295,170
Average Room Revenue $12,316 $5,178
Average Daily Rate by Room $66.33 $64.59
Total Rooms Occupied 10,583 4,570
Total Guests 14,564 6,388
Average Daily Rate by Guest $48.20 $46.21
Percent Occupied 50.87% 45.04%
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
5PROPERTY PICTURESFortune Inn – Newport, AR
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
6REGIONAL MAPNewport, AR
Malcolm Ave. or
Highway 367 -
14,000 VPD
SITE
Highway 69 –
5,000 VPD
11,000 VPD
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
7LOCATION MAPNewport, AR
SITE
Malcolm Ave. or
Highway 367 -
14,000 VPD
11,000 VPD
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
8AERIAL MAPNewport, AR
SITEMalcolm Ave. or
Highway 367 -
14,000 VPD
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
9DEMOGRAPHICSNewport, AR
DEMOGRAPHICS 1-Mile 3-Mile 5-Mile
Total Households 1,365 3,035 3,737
Total Population 2,926 6,784 9,943
Persons Per Household 2.1 2.2 2.2
Average Household Income $49,406 $46,649 $49,043
Daytime Population 1,882 3,311 4,139
Average Age 42.5 41.2 39.9
Average Age Male 39.6 38.3 37.6
Average Age Female 44.8 43.8 42.0
Lasiter Real Estate represents the tenant/sublandlord of the property represented herein. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
Ryan Lasiter Principal, Partner & Leadership 501.425.3447 [email protected]
Ryan LasiterLasiter Real EstatePrincipal, Partner & Leadership [email protected]
WWW.NEWMARKMTP.COM
& Lasiter Real Estate represents the owner of the property represented herein. Although all information furnished regarding property for sale, rental,
or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as
to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or
withdrawal without notice and to any special conditions imposed by our principal.
