wingate by wyndham southport...wingate by wydham southport, a four-story 84-room hotel located just...

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WINGATE BY WYNDHAM SOUTHPORT OFFERING MEMORANDUM

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Page 1: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

WINGATE BY WYNDHAMSOUTHPORTOFFERING MEMORANDUM

Page 2: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential.

It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be

made available to any other person or entity without the written consent of Marcus & Millichap. This

Marketing Brochure has been prepared to provide summary, unverified information to prospective

purchasers, and to establish only a preliminary level of interest in the subject property. The information

contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has

not made any investigation, and makes no warranty or representation, with respect to the income or ex-

penses for the subject property, the future projected financial performance of the property, the size and

square footage of the property and improvements, the presence or absence of contaminating substanc-

es, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the

improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s

plans or intentions to continue its occupancy of the subject property. The information contained in

this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus &

Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus &

Millichap conducted any investigation regarding these matters and makes no warranty or representation

whatsoever regarding the accuracy or completeness of the information provided. All potential buyers

must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a

service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap.

All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee

identified in this marketing package. The presence of any corporation’s logo or name is not intended

to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus &

Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus &

Millichap, and is solely included for the purpose of providing tenant lessee information about this listing

to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR

MORE DETAILS.

Page 3: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

WINGATE BY WYNDHAM SOUTHPORT1511 NORTH HOWE STREET,

SOUTHPORT, NORTH CAROLINA 28461

JERRY SWONFirst Vice President Investments

National Hospitality GroupManhattan Office

Office 212.430.5219 Cell 908.625.6934

[email protected] NY 10401248594

NJ 0999581

BRIAN WHELANAssociate

National Hospitality GroupManhattan Office

Office 646.805.1441 Cell 201.966.5918

[email protected] NY 10401277435

NJ 1644475

EXCLUSIVELY LISTED BY

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

PRASHANT MERCHANTAssociate

National Hospitality GroupRichmond Office

Office 804.205.5008Cell 757.589.6954

[email protected] VA 0225226862

Page 4: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

WINGATE BY WYNDHAMSOUTHPORT

Page 5: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

01 EXECUTIVE SUMMARYOffering Summary • Vital Data • Annualized Operating Data •

Executive Summary • Investment Overview • Summary Of Terms

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY

09 PROPERTY DESCRIPTIONFeatures / Amenities • Local / Regional Map • Area Attractions

15 FINANCIAL OVERVIEWMarket Trend • RevPAR Comparison • Profit & Loss Summary • Five-Year Cash Flow Pro Forma • STR Report

30 COMPETITIVE PROPERTY SET Competitve Properties Map • Competitve Properties

33 MARKET OVERVIEWDemographic Summary • Market Overview

Page 6: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0330473

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EXECUTIVESUMMARY

WINGATE BY WYNDHAM SOUTHPORT

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1511 NORTH HOWE STREET,SOUTHPORT, NORTH CAROLINA 28461

OFFERING SUMMARY

Purchase Price $7,800,000

Property Improvement Plan ($5,000 / Room Estimate) $420,000

Total Investment $8,220,000

Down Payment $2,055,000 / 25%

Total Number of Rooms 84

Occupancy 64.3%

ADR $103.31

RevPAR $66.42

Franchise Parent Company Wyndham Hotels & Resorts

Franchise Affiliation Wingate

Year Built 2009

Number of Stories 4

Type of Ownership Fee Simple

Lot Size 1.1 Acres

VITAL DATA

Cap Rate - Actual 10.2%

Cap Rate - Total Investment 9.7%

Cap Rate - Pro Forma 9.9%

Room Revenue Multiplier 3.8

Room Revenue Multiplier- Pro Forma 4.0

Price/Room - Total Investment $97,857

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ANNUALIZED OPERATINGDATA

ANNUALIZED OPERATING DATA

INCOME 2017 % OF GR PRO FORMA % OF GR

Room Revenue $2,036,522 99.3% $2,077,456 99.3%

Other Revenue $13,423 0.7% $13,692 0.7%

Gross Revenue $2,049,945 100.0% $2,091,149 100.0%

Total Expenses $1,255,302 61.2% $1,276,226 61.0%

Net Operating Income $794,643 38.8% $814,923 39.0%

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WINGATE BY WYNDHAMSOUTHPORT

HOTEL AMENITIES

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WINGATE BY WYNDHAMSOUTHPORT

HOTEL AMENITIES

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INVESTMENT OVERVIEW

Marcus & Millichap has been chosen to exclusively market for sale the Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia. The hotel is located approximately 30 miles from Wilmington International Airport. Amenities include: complimentary WiFi, fitness center, laundry facility, business center, gift shop, outdoor pool, hot tub, and meeting rooms. Guest rooms feature a television, desk, iron and ironing board, daily housekeeping, refrigerator, microwave, coffee maker, whirlpool, hairdryer, and telephone.

FRANCHISEWyndham Hotels & Resorts is the world’s largest and most diverse hotelcompany with over 7,800 properties and 678,000 rooms in 72 countries.With highly recognizable brands and hotel choices in every category fromupscale to economy, Wyndham offers many lodging choices around the world. Wyndham Rewards has more participating properties than any other hotel loyalty program in the world, and has 40 million loyal members across the globe. By combining exciting, award-winning promotions throughout the year with industry-leading innovation and member friendly benefits, Wyndham Rewards is positioned to continue driving more guests to its 7,000+ participating hotels worldwide.

INVESTMENT SUMMARYThe Wingate by Wyndham Southport represents the opportunity to acquire a well-maintained hotel located in a stable market. Our Pro Forma analysis assumes an investor will increase operating efficiencies through cost man-agement and modest revenue growth.

INTEREST OFFEREDFee simple interest in the Wingate by Wyndham Southport, an 84-room hotel located at 1511 North Howe Street, Southport, North Carolina 28461.

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INVESTMENT HIGHLIGHTS

► 2009 Masonry Construction

► Offered Below Replacement Costs

► Up-Branding Opportunities

► Minimal PIP Required for 15-Year Franchise with Wyndham

► Coastal North Carolina Location: Attractive Coastal/ Tourist Destination, One Mile from Beach and Waterway, 30 Miles from Wilmington International Airport

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval.

TERMS OF SALEThe Wingate By Wyndham Southport is offered at $7,800,000 based on a capitalization rate of 10.2 percent. Historic operating documentation and third party reports may be found in the online document data portal.

PROPOSED FINANCING

FINANCING

Loan Amount $6,165,000

Loan Type Proposed New

Interest Rate 5.50%

Amortization 25 Years

Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.

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Page 14: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0330473

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PROPERTY DESCRIPTION

WINGATE BY WYNDHAM SOUTHPORT

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FEATURES AND

AMENITIES

► Complimentary WiFi

► Complimentary Parking

► Business Center

► Elevators

► Laundry Facility

► Outdoor Pool

► Fitness Center

► Complimentary Breakfast

► Meeting Rooms

► Gift Shop

► Spa Tub

► Conference Space

► Complimentary Newspaper

COMMON AREA FEATURES

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► Complimentary WiFi

► Flat Screen Television

► Premium Cable Channels

► Coffee / Tea Maker

► Refrigerator

► Iron / Ironing Board

► Hair Dryer

► Desk

► Telephone

► Daily Housekeeping

GUEST ROOM AMENITIES

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MAPPING

LOCAL MAP REGIONAL MAP

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AREA ATTRACTIONSAREA ATTRACTIONS DISTANCE

Franklin Square Gallery 1.2 Miles

John Cabot University 1.2 Miles

North Carolina Maritime Museum at Southport 1.4 Miles

Southport Marina 1.7 Miles

Oak Island Golf Club 6.0 Miles

Bald Head Island Lighthouse 8.9 Miles

Oak Island Lighthouse 7.9 Miles

Ocean Crest Pier 12.0 Miles

Brunswick Town Historic District 13.3 Miles

St. Johns Museum of Art 18.1 Miles

Wilmington Treatment Center 18.6 Miles

University of North Carolina Wilmington 19.4 Miles

New Hanover Regional Medical 19.4 Miles

Airlie Gardens 22.2 Miles

Battleship North Carolina 26.6 Miles

COMPANY LOCAL EMPLOYEES

Liberty Homecare Group LLC 3,500

New Hanover Regional Medical Center 2,975

Walmart 1,760

University of North Carolina at Wilmington 1,643

Verizon Wireless 1,414

Gilford Mills Inc. 1,100

City Hall Mayors Office 980

County of Brunswick 659

Lowes 600

Pharmaceutical Product Development 600

Belk 553

MAJOR EMPLOYERS IN MARKET

Battleship North CarolinaUniversity of North Carolina Wilmington Bald Head Island Lighthouse

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Page 20: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0330473

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FINANCIALANALYSIS

WINGATE BY WYNDHAM SOUTHPORT

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MARKET TREND

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REVPAR COMPARISON

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PROFIT AND LOSS SUMMARY

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5-YEAR CASH FLOW PRO FORMA

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5-YEAR IRR

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STR REPORT

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STR REPORT

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STR REPORT

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STR REPORT

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Page 34: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0330473

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0330473

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EXECUTIVESUMMARY

WINGATE BY WYNDHAM SOUTHPORT

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COMPETITIVE PROPERTY SET

WINGATE BY WYNDHAM SOUTHPORT

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WINGATE BY WYNDHAM SOUTHPORT

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COMPETITIVE PROPERTY SET

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Hotel City, State Zip Rooms Open

Wingate By Wyndham Southport Southport, NC 28461 84 2009

1 Americas Best Value Inn Wilmington Wilmington, NC 28403 113 1974

2 Suburban Extended Stay Hotel of Wilmington Wilmington, NC 28403 107 1998

3 Hampton Inn Southport Southport, NC 28461 80 2000

4 Comfort Suites Southport Southport, NC 28461 70 2002

5 Holiday Inn Express & Suites Southport Oak Island Bolivia, NC 28422 93 2014

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2

3

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0330473

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MARKET OVERVIEW

WINGATE BY WYNDHAM SOUTHPORT

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DEMOGRAPHICS HIGHLIGHTS

12,913

$51,308 $267,386

POPULATION STATISTIC

INCOME STATISTIC HOUSING STATISTIC

EMPLOYMENT BY OCCUPATIONS

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III

POPULATION 5 MILES 10 MILES 25 MILES

2022 ProjectionTotal Population

14,790 37,633 300,110

2018 EstimateTotal Population

12,913 33,194 273,455

2010 CensusTotal Population

11,135 28,319 240,341

2000 CensusTotal Population

7,380 20,462 185,873

Daytime PopulationsTotal Population

17,953 33,713 303,024

HOUSEHOLDS 5 MILES 10 MILES 25 MILES

2022 ProjectionTotal Households

7,258 17,234 130,675

2018 EstimateTotal Households

6,264 15,058 117,424

Average (Mean) Household Size 2.10 2.19 2.27

2010 CensusTotal Households

5,358 12,799 103,257

2000 CensusTotal Households

3,430 9,245 79,096

HOUSING UNITS 5 MILES 10 MILES 25 MILES

Occupied Units

2021 Projection 7,258 17,234 130,675

2018 Estimate 10,740 27,397 153,936

HOUSEHOLDS BY INCOME 5 MILES 10 MILES 25 MILES

2018 Estimate

$200,000 or More 4.53% 4.11% 3.91%

$150,000 - $199,000 4.37% 4.46% 3.64%

$100,000 - $149,000 10.98% 11.22% 11.44%

$75,000 - $99,999 11.93% 12.25% 10.73%

$50,000 - $74,999 19.36% 20.30% 18.87%

$35,000 - $49,999 13.97% 15.28% 13.98%

$25,000 - $34,999 9.32% 9.79% 11.20%

$15,000 - $24,999 10.28% 10.20% 11.56%

Under - $15,000 15.25% 12.40% 14.68%

Average Household Income $74,516 $74,119 $69,866

Median Household Income $51,308 $52,610 $48,266

Per Capita Income $36,362 $33,723 $30,304

POPULATION PROFILE 5 MILES 10 MILES 25 MILES

Population 25+ by Education Level

2016 Estimate Population Age 25+ 10,759 26,970 192,631

Elementary (0-8) 1.50% 1.34% 2.46%

Some High School (9-11) 6.92% 5.93% 6.54%

High School Graduate (12) 24.11% 25.87% 24.67%

Some College (13-15) 23.17% 23.49% 22.18%

Associate Degree Only 7.98% 8.35% 10.00%

Bachelors Degree Only 22.22% 21.78% 22.18%

Graduate Degree 12.71% 12.50% 11.15%

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Page 42: WINGATE BY WYNDHAM SOUTHPORT...Wingate by Wydham Southport, a four-story 84-room hotel located just off of Highway 87, which stretches across North Carolina and ends in Southern Virginia

JERRY SWONFirst Vice President InvestmentsNational Hospitality GroupManhattan OfficeOffice 212.430.5219 Cell [email protected] NY 10401248594 | NJ 0999581

BRIAN WHELANAssociateNational Hospitality GroupManhattan OfficeOffice 646.805.1441 Cell [email protected] NY 10401277435 | NJ 1644475

PRASHANT MERCHANTAssociateNational Hospitality GroupRichmond OfficeOffice 804.205.5008Cell [email protected] VA 0225226862

E X C L U S I V E LY L I S T E D B Y

WINGATE BY WYNDHAM SOUTHPORT