229 S Azusa Ave Azusa, CA 91702; SOLD Hotel & Motel

229 S Azusa Ave Azusa, CA 91702; SOLD Hotel & Motel


Price N/A Average Daily Rate $140
No. Rooms 110 RevPAR $109
Building Size 57,968 SF No. Stories 4
Property Type Hotel & Motel Year Built 2017
Property Sub-type Economy/Limited Service Corridor Interior
Property Use Type Investment Lot Size 2.49 AC

 

Description

Atlas Hospitality Group is pleased to offer for sale, the Owner’s fee-simple interest in the 110 room Home2 Suites by Hilton. The under construction hotel is scheduled for completion in April of 2017 and will be delivered upon completion.
Home2 Suites by Hilton is a mid tier, all suite extended stay hotel brand featuring contemporary accommodations and customizable guest room design.
The 100% franchised hotels offer an affordable price point within the extended stay segment,targeting both business and leisure travelers. Home2 Suites competes with Marriott’ s TownePlace Suites and InterContinental Hotels Group’s Candlewood Suites.

The majority of Home2 Suites hotels will be new constructions and follow a standard layout and design model. Properties are constructed in less than one year, and feature 56,658 total square feet of property, 4,200 square feet of community space, 323 square foot studios, 490 square foot one bedroom suites, a four story wood frame construction and a building footprint of under two acres

The Home2 Suites is conveniently located off of the Azusa Avenue exit of the 210 Freeway in Los Angeles County, and highly visible. The exit has a daily traffic count of over 200,000 cars. The all-suite property is about 30 miles from downtown Los Angeles and Disneyland in Anaheim. Azusa had a 2015 population of about 50,000, with over 370,000 people within a five mile radius. Major local demand generators includ e Azusa Pacific University, Northrup Grumman and the City of Hope cancer treatment center.

The Home2 Suites will greatly benefit from the fact that the closest comparable competition is over five miles away. Azusa has long needed a Home2 Suites level product to fill the demand that has been lacking. This is an extremely rare opportunity to own one of the fastest growing, best performing, Hilton family hotels in Southern California.