SLEEP INN DESTIN, FLORIDA - hunterhotels.net€¦ · SLEEP INN DESTIN, FLORIDA OFFERING MEMORANDUM. 1 DESTIN ORIDA PREPARED HNTER HOTEL ADISORS NATIONAL REACH. LOCAL KNOWLEDGE. Teague

SLEEP INNDESTIN, FLORIDAOFFERING MEMORANDUM

1

SLEEP INNDESTIN, FLORIDA

/ PREPARED BY HUNTER HOTEL ADVISORS /

NATIONAL REACH. LOCAL KNOWLEDGE.

Teague [email protected]

Shamir PatelVice [email protected]

Trey ScottVice [email protected]

Jatin [email protected]

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TABLE OF CONTENTS

Executive Summary ............................................................................................................................3 Property Description ........................................................................................................................ 10

Financial Overview ........................................................................................................................... 14

Market Summary .............................................................................................................................. 16

Disclaimers and Disclosures ......................................................................................................... 21

About Hunter ..................................................................................................................................... 22

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EXECUTIVESUMMARYExcellent LocationThe Sleep Inn is conveniently located just a short walk from the beach and within close proximity to Destin Commons and Big Kahuna’s Water and Adventure Park. It is also just a short drive to Elgin Air Force Base, which was one of only a few bases across the country that increased its base population post BRAC 2005.

High Barriers to EntryBuyers will have an opportunity to acquire an attractive midscale hotel in a market that sees very little new growth. With no new hotels in the pipeline, the hotel is a beneficiary of the area’s high barriers to entry.

Property Overview

Property Name Sleep Inn Destin

Property Address 10775 W Emerald Coast PkwyDestin, FL 32550

Year Built/ Renovated 1992

Number of Rooms 77

Ownership Fee Simple

Structure 2

Amenities Outdoor poolBusiness center

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EXECUTIVE SUMMARY

Year End 2014 Year End 2015 Year End 2016 Forecast YE 2017 Year One Year Two Year Three Year Four Year Five

Occupancy 53.5% 51.9% 52.5% 57.8% 58.0% 60.0% 62.0% 64.0% 65.0%

ADR $73.15 $104.84 $112.03 $120.46 $124.75 $128.49 $132.35 $136.32 $140.41

RevPAR $39.14 $54.41 $58.81 $69.65 $72.36 $77.10 $82.06 $87.24 $91.27

Room Revenue $1,099,938 $1,529,318 $1,657,524 $1,957,524 $2,033,554 $2,166,786 $2,312,501 $2,451,993 $2,565,015

Total Revenue $1,110,475 $1,540,659 $1,667,714 $1,968,524 $2,045,342 $2,179,469 $2,326,037 $2,466,346 $2,580,029

NOI* $451,615 $669,216 $666,568 $813,348 $849,854 $925,804 $1,010,611 $1,092,996 $1,161,103

NOI % 40.7% 43.4% 40.0% 41.3% 41.6% 42.5% 43.4% 44.3% 45.0%

*After 3% Management Fee and 4% FF&E Reserve

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INVESTMENTCONSIDERATIONS

Unencumbered by Management The Sleep Inn is being offered unencumbered of management.

Unencumbered by DebtThe Sleep Inn is being offered unencumbered of debt.

Franchise & Property Improvement Plan (PIP)The franchise license is considered an exceptionally valuable asset of the Sleep Inn. It provides a high level of traveler allegiance and recognition, an excellent computerized reservation system, and the popular Choice Privileges Program where guests earn free nights lodging.

On change of ownership, it is anticipated that Choice will require the new owner to complete a change of ownership PIP. This PIP will require certain improvements, upgrades, and modifications to the hotel as a condition of the issuance of a new, Sleep Inn franchise. The Buyer will be responsible for all repairs and renovations needed to satisfy Sleep Inn requirements.

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LOCATIONDESCRIPTIONLocation Overview & Demand GeneratorsThe Sleep Inn is an attractive, two-story, 77 guest room hotel in beautiful Destin Florida. Destin is situated on the Emerald Coast of Florida, which offers 24 miles of pristine white-sand beaches stretching along the Gulf of Mexico. The hotel’s prime location makes it just a short walk to the beach, and just 22 miles south of Eglin Air Force Base, home of the Air Armament Center. The hotel is also conveniently located close to many attractions in the area including Big Kahuna’s Water Park, The Track Family Recreation Center, and multiple shopping complexes that include Destin Commons and Silver Sands Factory Outlets. Corporate demand generators in the area include Emerald Coast Conference Center, Eglin and Hurlburt Field Air Force Bases, Sacred Heart Hospital, and many others.

Demand Generator/Local Attraction Miles From Hotel

Silver Sands Factory Stores 0.3

Grand Boulevard Town Center 2.6

The Village of Baytowne Wharf 2.9

Destin Commons 4.5

Big Kahuna’s Water and Adventure Park 8.1

Harborwalk Marina 9.6

Destin Marina 9.9

Gulfarium Marine Adventure Park 14.8

Eden Garden State Park 14.9

Eglin Air Force Base 22.1

Silver Sands Factory Stores Harborwalk Marina

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Destin Commons Emerald Coast Convention Center

Baytowne Wharf SandestinSeaside Beach Off of 30A

9/ PREPARED BY HUNTER HOTEL ADVISORS /

DESTIN FORT WALTON BEACH AIRPORT

HARBORWALK MARINA

BIG KAHUNA’S WATER & ADVENTURE PARK

EGLIN AIR FORCE BASE

DESTIN COMMONS

Area Map

THE VILLAGE OF BAYTOWNE WHARF

SILVER SANDS FACTORY STORES

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PROPERTY DESCRIPTIONGuest Rooms and AmenitiesGuest rooms in the Sleep Inn are furnished with comfortable amenities and modern décor. Guest rooms include premier linens, work desk, ergonomic chair, sofa-bed, complimentary wireless Internet Access, and flat-screen television with premium channels. Additionally, rooms are equipped with a mini-refrigerator, microwave, and coffee/tea maker, so guests can prepare food and beverages from the comfort of their own rooms. Other amenities include a business center and outdoor pool.

Food and BeverageThe Sleep Inn features a complimentary breakfast for all guests, which includes both hot and cold options. In addition to breakfast, there are also many local restaurants that offer a wide variety of cuisines that are within close proximity of the hotel and deliver to hotel guests.

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COMPETITIVE SET

Competitive Set Hotels

Sleep Inn Destin Quality Inn & Suites Destin SummerPlace Inn Best Western Sugar Sands Inn & Suites

Wingate By Wyndham Destin

Candlewood Suites Destin Sandestin Area

Address10775 W Emerald Coast

PkwyDestin, FL 32550

39 Scenic Gulf DrDestin, FL 32550

14047 Emerald Coast Pkwy, Destin, FL 32541

4415 Commons Dr E, Destin, FL 32541

117 Palm St, Destin, FL 32541

11396 US 98 WestDestin, FL 32550

Miles to Subject N/A 0.4 6.7 5.0 7.8 0.7

Opened 1992 1996 1997 1997 2004 2008

# Rooms 77 62 72 83 94 75

Stories 2 4 4 3 3 4

F&B Complimentary hot breakfast

Complimentary hot breakfast





Additional Amenities Business centerOutdoor pool

Fitness centerOutdoor pool

Business centerFitness center

Indoor and outdoor pool/whirlpool


Outdoor pool


Outdoor poolOutdoor whirlpool


Outdoor pool

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Competitive Set Map

BEST WESTERN SUGAR SANDSINN & SUITES

CANDLEWOOD SUITES DESTIN-SANDESTIN AREA

SUMMERPLACE INN DESTIN

WINGATE BY WYNDHAM DESTIN

QUALITY INN & SUITES DESTIN

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COMPETITIVEANALYSIS

Subject & Competitive Set Historical Performance

Occupancy ADR RevPAR

Period Subject Comp. Set Index Subject Comp. Set Index Subject Comp. Set Index

Year End 2014 52.5% 69.0% 76.1% $100.76 $100.85 99.9% $52.88 $69.54 76.0%

Year End 2015 52.2% 61.3% 85.2% $105.60 $108.37 97.4% $55.12 $66.45 82.9%

Year End 2016 52.5% 60.1% 87.4% $113.41 $112.29 101.0% $59.56 $67.45 88.3%

TTM March 2017 52.5% 60.10% 87.4% $113.41 $112.29 101.0% $59.56 $67.45 83.3%

Change vs. Prior Year

Year End 2015 -0.6% -11.2% 11.9% 4.8% 7.5% -2.5% 4.2% -4.4% 9.1%

Year End 2016 0.6% -2.0% 2.6% 7.4% 3.6% 3.6% 8.1% 1.5% 6.5%

TTM March 2017 0.6% -2.0% 2.7% 7.4% 3.6% 3.7% 8.1% 1.5% 6.5%

Source: Smith Travel Research

TTM March 2017Smith Travel Research reports the following historical and comparative data for the Subject Asset. The Competitive Set is taken from those hotels that management considers to be in direct competition with the Sleep Inn.

As of March 2017, the hotel achieved a 88.6% index penetration in Occupancy, a 101.0% index penetration in ADR, and a 89.4% index penetration in RevPAR, making it 5 of 6 in the Competitive Set. The Hotel’s RevPAR is $61.27 in comparison to the Competitive Set average of $68.52.

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HISTORICAL FINANCIAL STATEMENTYear End 2014 Year End 2015 Year End 2016 Forecast Year End 2017

Rooms 77 77 77 77

Available Rooms 28,105 28,105 28,182 28,105

Occupied Rooms 15,036 14,586 14,796 16,250

Occupancy 53.5% 51.9% 52.5% 57.8%

ADR $73.15 $104.84 $112.03 $120.46

ADR % Change - 43.32% 6.85% 7.5%

RevPAR $39.14 $54.41 $58.81 $69.65

RevPAR % Change - 39.04% 8.09% 18.4%

Revenue Amount Percent Amount Percent Amount Percent Amount Percent

Rooms $1,099,938 99.1% $1,529,318 99.3% $1,657,524 99.4% $1,957,524 99.4%

Other Operated Departments $10,537 0.9% $11,341 0.7% $10,190 0.6% $11,000 0.6%

Total Revenue $1,110,475 100.0% $1,540,659 100.0% $1,667,714 100.0% $1,968,524 100.0%

Departmental Expenses

Rooms $208,916 19.0% $310,708 20.3% $366,924 22.1% $400,947 20.5%

Total Expenses $208,916 18.8% $310,708 20.2% $366,924 22.0% $400,947 20.4%

Gross Operating Income $901,558 81.2% $1,229,952 79.8% $1,300,790 78.0% $1,567,576 79.6%

Undistributed Operating Expenses

Administrative & General $60,790 5.5% $84,938 5.5% $135,672 8.1% $125,477 6.4%

Franchise Fees $144,381 13.0% $156,559 10.2% $192,638 11.6% $227,788 11.6%

Sales & Marketing $533 0.0% $0 0.0% $86 0.0% $349 0.0%

Repairs & Maintenance $36,097 3.3% $56,032 3.6% $34,135 2.0% $58,624 3.0%

Utilities $64,744 5.8% $95,234 6.2% $82,201 4.9% $111,160 5.6%

Total Undistributed Operating Expenses $306,545 27.6% $392,763 25.5% $444,731 26.7% $523,399 26.6%

Gross Operating Profit $595,013 53.6% $837,189 54.3% $856,058 51.3% $1,044,178 53.0%

Fixed Charges

Insurance $53,285 4.8% $37,542 2.4% $50,804 3.0% $67,464 3.4%

Property Taxes $12,380 1.1% $22,585 1.5% $21,947 1.3% $25,569 1.3%

Management Fees (1) $33,314 3.0% $46,220 3.0% $50,031 3.0% $59,056 3.0%

Total Fixed Charges $98,979 8.9% $106,347 6.9% $122,782 7.4% $152,089 7.7%

EBITDA $496,034 44.7% $730,842 47.4% $733,277 44.0% $892,088 45.3%

Reserve for Replacement (2) $44,419 4.0% $61,626 4.0% $66,709 4.0% $78,741 4.0%

Net Operating Income $451,615 40.7% $669,216 43.4% $666,568 40.0% $813,348 41.3%

(1) Management Fees have been assumed to be 3.00% of Total Revenues.(2) Replacement Reserve has been assumed to be 4.00% of Total Revenues.

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Year 1 Year 2 Year 3 Year 4 Year 5

Rooms 77 77 77 77 77

Available Rooms 28,105 28,105 28,182 28,105 28,105

Rooms Sold 16,301 16,863 17,473 17,987 18,268

Occupancy 58.0% 60.0% 62.0% 64.0% 65.0%

ADR $124.75 $128.49 $132.35 $136.32 $140.41

ADR % Change -- 3.0% 3.0% 3.0% 3.0%

RevPAR $72.36 $77.10 $82.06 $87.24 $91.27

RevPAR % Change -- 6.6% 6.4% 6.3% 4.6%

Revenue Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent

Rooms $2,033,554 99.4% $2,166,786 99.4% $2,312,501 99.4% $2,451,993 99.4% $2,565,015 99.4%

Other Operated Departments $11,789 0.6% $12,683 0.6% $13,536 0.6% $14,352 0.6% $15,014 0.6%

Total Revenue $2,045,342 100.0% $2,179,469 100.0% $2,326,037 100.0% $2,466,346 100.0% $2,580,029 100.0%

Departmental Expenses

Rooms $424,469 20.9% $447,888 20.7% $473,368 20.5% $497,049 20.3% $514,911 20.1%

Total Expenses $424,469 20.8% $447,888 20.6% $473,368 20.4% $497,049 20.2% $514,911 20.0%

Gross Operating Income $1,620,873 79.2% $1,731,581 79.4% $1,852,669 79.6% $1,969,297 79.8% $2,065,117 80.0%

Undistributed Operating Expenses

Administrative & General $162,806 8.0% $167,690 7.7% $171,882 7.4% $175,320 7.1% $177,073 6.9%

Franchise Fees $236,340 11.6% $251,825 11.6% $268,760 11.6% $284,972 11.6% $298,107 11.6%

Sales & Marketing $89 0.0% $91 0.0% $93 0.0% $94 0.0% $96 0.0%

Repairs & Maintenance $42,668 2.1% $43,948 2.0% $45,047 1.9% $45,948 1.9% $46,867 1.8%

Utilities $98,641 4.8% $100,614 4.6% $102,626 4.4% $104,679 4.2% $106,773 4.1%

Total Undistributed Operating Expenses $540,545 26.4% $564,168 25.9% $588,408 25.3% $611,013 24.8% $628,916 24.4%

Gross Operating Profit $1,080,328 52.8% $1,167,413 53.6% $1,264,261 54.4% $1,358,284 55.1% $1,436,201 55.7%

Fixed Charges

Insurance $60,964 3.0% $62,183 2.9% $63,427 2.7% $64,696 2.6% $65,990 2.6%

Property Taxes $26,336 1.3% $26,863 1.2% $27,400 1.2% $27,948 1.1% $28,507 1.1%

Management Fees $61,360 3.0% $65,384 3.0% $69,781 3.0% $73,990 3.0% $77,401 3.0%

Total Fixed Charges $148,660 7.3% $154,430 7.1% $160,608 6.9% $166,634 6.8% $171,897 6.7%

EBITDA $931,668 45.6% $1,012,982 46.5% $1,103,653 47.4% $1,191,650 48.3% $1,264,304 49.0%

Reserve for Replacement $81,814 4.0% $87,179 4.0% $93,041 4.0% $98,654 4.0% $103,201 4.0%

Net Operating Income $849,854 41.6% $925,804 42.5% $1,010,611 43.4% $1,092,996 44.3% $1,161,103 45.0%

Hunter and their respective affiliates, officers, and directors neither warrants nor guarantees the results of these projections and analyses since unanticipated events and/orcircumstances may occur. All potential investors must conduct and rely upon their own due diligence as well as underwriting with respect to estimating the future operating performance of the property.

PRO FORMA FINANCIAL STATEMENT

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Destin, FloridaLocated in Okaloosa County, Destin is the principal city of the Fort Walton Beach-Crestview-Destin, Florida Metropolitan Statistical Area, which is home to nearly 250,000 residents. Originating as a small fishing village on a peninsula separating the Gulf of Mexico from Choctawhatchee Bay, the city styles itself as “The World’s Luckiest Fishing Village”, and claims to have the largest fishing vessel fleet in the state of Florida. Destin is now a major tourist destination, attracting over 80 percent of the Emerald Coast’s 4.5 million annual visitors. Situated on Florida’s Emerald Coast, Destin is known for its stunning white beaches and emerald green waters. The sand along the coast is made up of pure Appalachian quartz, which remains remarkably cool even in the heat of summer, and gives the waters their trademark emerald-green color by reflecting sunlight back up through the surf.

MARKET SUMMARY

Fort Walton Beach

Okaloosa County Major Employers

Industry # of Employees

Okaloosa County School District 3,057

Fort Walton Beach Medical Center 1,065

Lockheed Martin Corporation 926

Reliance Test and Technology 800

Okaloosa Board of County Commissioners 733

North Okaloosa Medical Center 643

L-3 Crestview Aerospace 612

CenturyLink 600

Walmart (Okaloosa combined) 600

Asurion Company 535

Miles from Destin

Panama City, FL 52 mi

Mobile, AL 125 mi

Tallahassee, FL 157 mi

New Orleans, LA 268 mi

Jacksonville, FL 319 mi

Fort Walton Beach MEdical Center

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/ PREPARED BY HUNTER HOTEL ADVISORS /Fort Walton Beach

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TourismIn addition to the 24 miles of stunning white beaches and emerald waters, visitors can charter fishing vessels from the harbor via 12 beach access points across the city. Among the access points is Henderson Beach State Recreation Area, which is a Florida State Park and offers visitors a boardwalk, pavilions for picnicking and grilling and 60 campsites. Destin also hosts an array of events throughout the year that attracts visitors from across the country. Major events include the annual Destin Fishing Rodeo, which is held in October and has drawn anglers to Destin each year since 1948. The Destin Seafood Festival is also a major attraction in October that offers visitors amazing food, live music, and events for the whole family.

Over 3.6 million people visit Destin annuallyVisitors to Destin and the surrounding area generate over $1.3 billion in total sales

MARKET SUMMARY

Destin, FL

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Eglin Air Force BaseEglin Air Force Base is a United States Air Force base located approximately 3 miles southwest of Valparaiso, Florida in Okaloosa County. Eglin is home to the Air Armament Center (AAC), which is one of three product centers in the Air Force Materiel Command (AFMC). The base also supports the largest single base mobility commitment in the Air Force. Serving as major hub for all Air Force armaments, the AAC is the center responsible for the development, acquisition, testing, deployment, and sustainment of all air-delivered weapons. The AAC is also a major hub for acquisition of the world’s most advanced armament products. The center engages in scientific research, system management, production, operational performance, business management, requirements definition, customer and engineering support, technology planning, materiel identification, and field support activities. It also plans, directs, and conducts tests and evaluations of U.S. and allied air armament, navigation, and guidance systems.

BRAC made a major impact on Eglin and the surrounding infrastructure as the overall base population increased

to approximately 38,000 in 2015

MARKET SUMMARY

Eglin Air Force Base

Big Kahuna’s Water and Adventure ParkOpened in 1986, Big Kahuna’s has been Destin’s one and only water park for over 30 years. Big Kahuna offers visitors more than 40 water attractions, an adventure park, a miniature golf course, and various restaurants located across the park. With attractions for the whole family, the park allows visitors to enjoy a fun filled day with rides, slides, and pools.

Big Kahuna’s Water and Adventure Park

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Destin CommonsAttracting 11 million shoppers annually, Destin Commons is Northwest Florida’s premier open-air lifestyle center. The award winning architecturally unique center stretches across 56-acre, and features more than 90 stores and restaurants that offer the finest shopping, dining and entertainment, including Bass Pro Shops, Belk, H&M, Chipotle, AMC Destin 14-screen stadium style movie theatre and Uncle Buck’s Fish Bowl & Grill. Destin Commons also offers 70,000 square feet of Class A office space, free WiFi access, interactive children’s pop fountain, and Pirate’s Cove children’s soft play area.

Destin Commons stretches across 56 acres, employs over 1000 full-time employees, and attracts 11 million shoppers each year

MARKET SUMMARY

Destin Commons

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DISCLAIMERS AND DISCLOSURESBROKER DISCLAIMERThis confidential offering memorandum has been prepared by Hunter Hotel Advisors (“Broker”) in cooperation with the Seller, solely for the limited use of prospective purchasers. The offering memorandum is not intended to provide all the information necessary to reach a purchase decision. Each prospective purchaser is encouraged to do its own thorough review and gather and verify to its satisfaction all information about the property.

The undersigned understands and acknowledges that there is no representation or warranty as to accuracy or completeness of the information provided.

While the financial, operational, property description, projections and other information herein is compiled from sources believed to be reliable, neither Broker nor Owner guarantee, represent or warrant its accuracy or completeness. Because of the foregoing, and since the Property is being offered on an “As Is, Where Is” basis, Purchaser should use such information solely to facilitate his investigation and must make independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this offering memorandum. As to pro forma projections, these were prepared by Broker based on many assumptions and events over which owner and broker have no control and are not guaranteed. Buyers should use such projections for an initial review only and are urged to do their own study and projections before taking action relative to the Property.

No liability is assumed for errors and omissions, misstatements of facts, prior sale, change-of-price or withdrawal from the market without notice

AS IS, WHERE ISThis hotel is being offered “As Is, Where Is,” with all faults and limitations. Purchaser should do his own studies to properly understand what he will be buying.

ENVIRONMENTAL ISSUESThe Seller and Broker specifically make no representations whatsoever about any environmental conditions on the property, including but not limited to issues such as asbestos, hazardous waste, mold and mildew, petroleum leaks or spills. Each prospective purchaser is encouraged to do his own study and analysis and determine to his own satisfaction the status of the various issues.

AMERICANS WITH DISABILITIES ACTThe owner and broker make no representations regarding this property and this law. A buyer should consult knowledgeable experts and attorneys regarding these matters.

AGENCYHunter Hotel Advisors, is the exclusive agent of the Seller, represents the Seller only and shall be compensated by Seller.

CONFIDENTIALAll information contained in this offering is confidential in nature and must be held in the strictest confidence, except information which is a matter of public record. Duplication or reproduction of any of the contents of this document or other information provided to you by Broker about this property, without the express written permission of Broker, is prohibited.

RETURN OF INFORMATIONThis memorandum is the property of Hunter Hotel Advisors, and is intended to be used only by such parties to whom Broker has delivered the memorandum or to whom Broker has approved such delivery. If, after review, you have no interest in purchasing the property at this time, KINDLY RETURN OR DESTROY THIS MEMORANDUM and all other information provided to you by Seller, Broker or others to Broker at your earliest convenience.

PROPERTY TOURS AND INFORMATIONPLEASE DO NOT VISIT THE HOTEL WITHOUT MAKING PRIOR ARRANGEMENTS THROUGH THE BROKER. Please do not contact management or hotel owner, nor talk to any employees. All due diligence information must be provided through Hunter Hotel Advisors and all property tours must be scheduled through Hunter Hotel Advisors. A Hunter representative must be present for all tours.

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ABOUT HUNTER

Hunter Hotel Advisors is the nation’s leading investment advisory firm focused exclusively on the hotel industry. Our seasoned team of investment professionals and offices nationwide consistently provide clients with optimal results in hotel brokerage, financial advisory and capital markets services of any size or complexity. With over 35 years of experience in full and select-service single assets and portfolios, the firm’s capacity in valuation, economic analysis, and industry relationships has allowed us to consistently maximize value regardless of market conditions.

Bob Hunter, [email protected]

Teague Hunter, [email protected]

Lee Hunter, [email protected]

Danny Givertz, Sr Vice [email protected]

Robert M. Taylor, Sr Vice [email protected]

Steve Taylor, Sr Vice [email protected]

Trey Scott, Vice [email protected]

Brown Kessler, Vice [email protected]

Marilyn Cox, Vice [email protected]

Mayank Patel, Vice [email protected]

Tim Osborne, Vice [email protected]

David Perrin, Vice [email protected]

Shamir Patel, Vice [email protected]

Brian C. Embree, Sr [email protected]

Jatin Patel, [email protected]

Daniel Riley, Sr [email protected]

Blair Revercomb, [email protected]

Capital MarketsStephen Gaylor, SVP Capital [email protected]

Documents

SLEEP INN DESTIN, FLORIDA - hunterhotels.net€¦ · SLEEP INN DESTIN, FLORIDA OFFERING MEMORANDUM. 1 DESTIN ORIDA PREPARED HNTER HOTEL ADISORS NATIONAL REACH. LOCAL KNOWLEDGE. Teague