Fairfield Inn & Suites Columbus Hilliard

Property Listed by Richards Schuen License Number: BRKP.0000323756

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 Fairfield Inn & Suites by Marriott Columbus Hilliard located at 5520 Maxwell Place, Columbus, OH 43228. The Fairfield Inn & Suites is an 83-unit, three-story, interior corridor, limited-service asset constructed in 2012. The hotel is located on a 1.88-acre lot and is offered with fee-simple interest. The hotel is currently operating under a 20-year franchise agreement with Marriott which began in 2018. Current ownership completed an extensive renovation in conjunction with a change-in-ownership PIP from 2018 to 2020, including renovations to the lobby, guest rooms, and common areas. A total of $2 million was spent in capital expenditures by current ownership. Prospective purchasers should expect to retain the Fairfield Inn & Suites franchise through April of 2038 upon completion of a minimal change-in-ownership PIP, which is already ordered and in-hand. The property is well-located off Interstate-70 (95,098 Vehicles Per Day) and a mile off Interstate-270 (117,976 Vehicles Per Day).

The hotel consists of 83 guest rooms and benefits from a variety of stable demand generators including tourism/leisure, medical, higher education, transient, and commerce. Key tourism and leisure demand generators in the area include The Greater Columbus Convention Center, Ohio State Athletic events, and The Center of Science and Industry. Key medical demand generators in Columbus include the Nationwide Children’s Hospital and The Ohio State University Wexner Medical Center. Columbus is home to The Ohio State University, which has over 60,000 students creating a demand for entertainment and visitor accommodations. The hotel is located off I-70, an east west interstate highway that runs across the United States. I-70 is currently involved in a series of projects to improve the highway safety and the project includes adding an additional lane in each direction.

In 2022 and 2023, the hotel achieved RevPAR indices of 102% and 100% respectively. This is versus a competitive set of Hampton Inn Columbus-West, Best Western Suites, Country Inn & Suites Columbus West, La Quinta Inn & Suites Columbus West, Holiday Inn Columbus Hilliard, and Avid Columbus Northwest – Hilliard. Given the superior quality of the Marriott brand and rewards versus those in the competitive set, a more seasoned operator could expect to exceed the competitive RevPAR significantly. Current ownership of the asset is operating the hotel as an out-of-state, absentee owner. A hands-on owner-operator local to the Ohio or neighboring lodging markets can employ a variety of aggressive sales and management techniques to better capture local and regional clientele. A new investor can create synergetic operating efficiencies with hotels in their existing local or regional portfolio. A new operator can reduce expense ratios by combining payroll efforts with other local or regional expense such as a regional manager, regional maintenance staff, and regional director of sales. A new prospective purchaser can continue to increase RevPAR through the implementation of a mid-cycle property-improvement-plan.