Magnuson Grand Hotel Memphis Airport. Address: 1471 East Brooks Rd Memphis, TN PROPERTY OVERVIEW.
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1 Magnuson Grand Hotel Memphis Airport Address: 1471 East Brooks Rd Memphis, TN PROPERTY OVERVIEW H O T E L S
2 OUR WELCOMING LOBBY 2
3 KEY FEATURES: Flag Magnuson Grand # of Keys 240 keys Bar/Restaurant 150 seats Lobby Bar 35 seats Buffet/Restaurant 175 seats Conference Space ~ 5,000 sq ft Large Pool and Seasonal Pool-Side Bar Fenced in Property Large parking for Buses and Trucks Shuttle for Airport and Local including Pick ups / Drop offs. Fitness Center Business Center 3 Elevators Additional Non-Developed Corner lot ~33,000 sq ft Construction: Hotel: 4 story CBS building Common areas: 1 story CBS 3
4 MAGNUSON GRAND HOTEL MEMPHIS AIRPORT Elvis was here! Seriously. The Magnuson Grand Hotel is next to the Memphis International Airport, and located at the crossroads of busy I-69 and E Brooks Rd. This 4-story interior corridor hotel has 240 rooms, a classy buffet room / restaurant, a lobby bar, and the famous Dad s Place, a well-known bar & restaurant with a stage and dance floor that for 35 years rocked the locals life and guests alike. Not only Johnnie Cash, Jerry Lee Lewis and many others played on our stage, but Elvis was a regular here, coming for a drink with his manager. The booth where Elvis always sat was saved and glassed-off for preservation so his fans can enjoy this additional piece of Elvis history. The booth where Elvis always sat, in our bar Dad s Place Because of its unique set of amenities, its location and proximity to business corridors and local neighborhoods, the property is uniquely positioned to serve several markets at the same time: business travelers, tourists, and locals alike. 4
5 INVESTMENT HIGHLIGHTS Unencumbered: no management company, Magnuson flag exit upon 30 day notice. => Pre-approved for Clarion, SureStay by Best Western, Travelodge => Tremendous Hotel Income Upside Potential => Excellent Repositioning Opportunity Additional Income Opportunity by Reopening the Restaurant / Bar / Conference & Events Space and becoming full service again and move to a 3-star+ rating Great Location: => At the same exit as Graceland on I-69 => 1.6 miles from Graceland & Graceland s future 6,400 seats Events Venue => 1.5 miles to the Memphis International Airport Strong Existing Customer Base Full grant pre-approved for installation of a 100kW solar panel system (installation soon to come) 5
6 INVESTMENT OPPORTUNITY This is a great investment opportunity for someone who wants to invest in an already successful and busy hotel with many opportunities for further growth and increased sales. The hotel s income would benefit from a new strong flag and property management, as well as a minimal amount of capital expenditure to finish room upgrades. Strong professional management would enable costs savings across the board therefore increasing the property s bottom line from multiple angles. Offering Food and Beverage services to guests would not only generate extra income but boost the hotel s rating and attractiveness as well, contributing to increasing its ADR. It would also respond to the catering need of events in the currently unused and un-marketed conference / event space. The bar/restaurant/music club Dad s Place also benefits from an excellent reputation in the community and its reopening would fill a much underserved need in the area for quality food and entertainment (per city officials feedback). 6
7 A BIT OF HISTORY: Current ownership took over from a seller who used to run the property on a shoestring budget, generating minimal business, primarily from weekly guests. So for the remainder of 2016, ownership focused on capital improvements: immediate safety and compliance repairs, as well as maintenance and upgrades to the rooms and common areas. To date, improvements include (but not limited to) 5 new large common area roof top AC units, in-room PTAC units, new boiler system for the 240 rooms, new lobby and hallway carpets and elevator, parking lot LEDs throughout, TPO roof (part) as well as electrical, safety and pool systems upgrades. We also purchased the high-quality bedroom furniture from the now-closed Elvis Heart Break Hotel. This allowed to increase the RevPar in 2017, from an average of under $10 to above ~$38 and still growing. Occupancy increased from the mid 20% to an average of the mid 75%, even surpassing the current comp set and market levels. Sales in 2017 grossed ~$2,100,000 despite poor management and under-capitalization. Exterior of the Blue Bar, a 35-seat lobby bar 7
8 RESPONDING TO A NEED OF THE COMMUNITY CORPORATE BUSINESS: East Brooks Road stretches 1.5 miles from I-69, where the exit, where we are, to the Memphis Airport and hosts a large number of hubs for national freight forwarding companies, truck dealerships and ending with the newly constructed Greyhound terminal. The I-240 exchange is less than a mile as well. 8
9 TOURISM: Graceland is located only 1.6 miles away. More than 600,000 people visit Graceland each year, making it the 2 nd private home most visted in the country, after the White House. Elvis Presley Enterprises, Inc. just spent $92M to build the Guest House, a Las-Vegas style 450-room hotel which opened on October 2016 (across the street from the now-closed 120-room Heart Break Hotel). Elvis Presley Enterprises, Inc (EPE, Inc) spent another $45M to expand Graceland by adding more museum and exhibit space, shopping centers, which opened in March Most importantly, EPE, Inc is also moving forward with a 6,400-seat concert venue, projected to open by end of 2019, which will increase room demand in our area even further. In total, Elvis Presley Enterprises, Inc. invested ~$137 million in our community to further enhance the Memphis and Graceland experience for visitors from around the world. The city has also been making numerous improvements in our area, on Elvis Presley Blvd and our street, Brooks Road, recently repaving and striping it. The hotel currently offers complimentary shuttle service to Graceland and within 5 miles of the hotel. (Parking fee at Graceland is $10). GRACELAND: details/elvis-presleys-memphis-opens-at- 9 graceland---the-most-significant-expansion-in- graceland-history/8251/
10 MEMPHIS: million tourists visit Memphis each year. Memphis is a vibrant city with many events throughout the year, for example, Memphis in May, a month filled with weekday and weekend concerts, BBQ contests and many sporting events. The Memphis Grizzlies at the FedEx Forum attract over 650,000 attendees a year! Other centers of interests are the Bass Pro Shop at the Pyramid, Beale Street, the Stax Museum, Memphis Zoo and many others 10
11 RE-OPENING DAD S PLACE The hotel has the potential to substantially increase its revenue thanks to additional capital improvements and higher star rating. 11
12 RE-OPENING DAD S PLACE Until its closure several years ago under a previous owner, the bar / restaurant was a very profitable operation due to the demand from the local market which has now increased even further. The need for a good restaurant in this part of town has even been voiced up at the city level. There are many office complexes nearby, including the 2000-employee Smith & Nephew Office Complex right across the street from the hotel, the UPS and FedEx hubs, freight and airport businesses and only few to none quality food and bar options in the area. Employees from these local businesses used to be regulars for breakfast, lunch and Happy Hour. Locals are missing the Sunday Brunch buffet that they used to gather at after going to church followed by the Sunday Afternoon Jazz band at Dad s Place. 12
13 PHOTO GALLERY Special Events The hotel benefits from a faithful clientele due to many Elvis impersonators events being organized throughout the year by a local Elvis fan. The dance floor gets a lot of use then! Dad s Place can accommodate even more guests thanks to the conference space walls opening up onto Dad s Place. 13
14 PHOTO GALLERY Guest Rooms King Suite Updated 2017 Original Double Queen Room Double Queen Room Updated 2017 Remodeled Bathroom in all rooms 14
15 Pool Area PHOTO GALLERY The Restaurants & Bars The Blue Bar 35 seat- Lobby bar Dad's Place, the center bar 150-seat Bar & Music Club The Trumpet Room 175 seat- Restaurant & Buffet Room Dad's Place, the stage & dance floor 150-seat Bar & Music Club 15
16 Pool Area PHOTO GALLERY - Amenities Pool Area Pool Area Fitness Center Part of the conference space, sample set up Business Center Hotel Shuttle 16
17 Pool Area PHOTO GALLERY - Exterior Empty Corner Lot included 17
18 Pool Area PHOTO GALLERY - Location 18
19 DATA SHEET Address Location 1471 E Brooks Road, Memphis, TN (Shelby County) Conveniently located off Interstate 69 and Interstate 240 Exchange, at the Graceland Exit ~1.6 miles from Graceland (Elvis Presley s home and tourist attraction) and 1.5 miles from Memphis Int l Airport Approved for Amenities Conference Space Restaurants / Bar Ownership Interest Number of Rooms Stories/Corridor Travelodge, SureStay by Best Western and Clarion Flags. Conference space, 2 restaurants, business center, fitness center, outdoor pool with seasonal pool bar, complimentary breakfast, high-speed wireless internet, guest coin laundry, large parking for trucks or buses. ~ 5,000 sq ft Conference Space, 9 modulable conference rooms Trumpet Room: a 175-seat buffet room and restaurant Dad s Place: a 150-seat bar and music club (which can open to the conference space) Blue Bar: a 35-seat lobby bar / lounge Fee Simple 240 guest rooms and suites. Hotel: 4 stories, Interior Corridor / Common areas: 1 story Year Built 1972 Updated and Construction Concrete/Block Land Area ~ 2.15 acres & undeveloped raw corner lot of ~33,000 sqft Signage Large permitted backlit sign with 5 wide LED sign Elevators 3 HVAC & Energy HVAC in public areas / Individual PTAC units in guest rooms with Verdant energy-saving devices. Pre-approved for full grant for 100kW solar panel system, installation pending Parking Spaces ~330 paved surface parking space plus overflow on raw corner lot Management Offered unencumbered by management. Currently owner operated. Franchise Currently flagged Magnuson (cancellable at no fee with 30-day notice). 19
20 OCCUPANCY (%) STR June 2018 Occupancy (%) Year To Date Running 3 Month Running 12 Month My Property Competitive Set Index (MPI) % Chg Rank 6 of 6 2 of 6 2 of 6 6 of 6 1 of 6 4 of 6 6 of 6 4 of 6 2 of 6 My Property Competitive Set Index (MPI) Rank 1 of 6 1 of 6 3 of 6 1 of 6 1 of 6 6 of 6 6 of 6 1 of 6 1 of 6 20
21 ADR STR June 2018 ADR Year To Date Running 3 Month Running 12 Month My Property Competitive Set Index (ARI) % Chg Rank 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 My Property Competitive Set Index (ARI) Rank 6 of 6 2 of 6 6 of 6 6 of 6 1 of 6 2 of 6 1 of 6 3 of 6 6 of 6 21
22 RevPAR STR June 2018 RevPAR Year To Date Running 3 Month Running 12 Month My Property Competitive Set Index (RGI) % Chg Rank 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 6 of 6 My Property Competitive Set Index (RGI) Rank 1 of 6 1 of 6 6 of 6 1 of 6 1 of 6 6 of 6 6 of 6 1 of 6 1 of 6 22
23 IN CONCLUSION We feel this hotel truly is a hidden gem, which can be acquired at a tremendous discount on replacement cost. This hotel s complete set of available amenities, its unique strategic location and multiple income sources make it an exciting investment opportunity which can sustain a comfortable cash flow upon new ownership and management. Moreover, the hotel industry is forecasting another year of ADR growth for To your success! Abraham Wien Founder CRP HOSPITALITY GROUP 2141 NW 1 st Place Boca Raton, Florida, T: C: E: aw@crpadvantage.com 23
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