Holiday Inn Express & Suites

Property listed by Matthew Gannon License number: MD 5005865

Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view financial history including revenue, NOI, ADR, and Occupancy by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.

Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors the Holiday Inn Express & Suites Clear Spring, located at 12426 Houck Ave, Clear Spring, MD 21722. The subject property is a 79-key, three-story, interior corridor property built in 2009 and renovated in 2018 and sits on 2.32 acre parcel. The asset is a limited-service hotel located off of Interstate 70 (40,552 Vehicles Per Day) and Route 40 (3,751 Vehicles Per Day). The property is offered with fee simple interest, unencumbered by debt and unencumbered by third-party management.

It is expected that a prospective purchaser shall be able to retain the IHG franchise upon completion of a change-in-ownership PIP, though purchasers should consult with their franchise representative to verify the availability of the franchise. Upon the completion of the change-in-ownership PIP, a new prospective owner should expect the property to see an uptick in ADR and therefore RevPAR by renovating the hotel and positioning the superior quality of the guest rooms to bring property-level performance metrics in-line with the competitive hotels as defined in the STR report. In 2023, the Holiday Inn Express and Suites achieved RevPAR of $62.95 resulting in RevPAR Penetration Index of 86%. Most recently, in the trailing 12 months behind February 2024, the property achieved RevPAR of $63.37 while the competitive set achieved RevPAR of $71.30, contributing to RevPAR Penetration Index of 88.9%. The STR Trends report is comprised of Red Roof Inn Hagerstown Williamsport, Hampton Inn Hagerstown I-81, Holiday Inn Express and Suites Hagerstown, Sleep Inn and Suites Hagerstown and Country Inn and Suites Hagerstown. After the change of ownership PIP is completed, the purchaser can realistically position the hotel as the leading lodging option in Clear Spring and penetrate the competitive set at a superior index.