2012: Month OCCUPANCY ROOM RATE REV PAR Location (% Chg/Prior Yr) (% Chg/Prior Yr) (% Chg/Prior Yr)
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1 HOTEL SMARTbrief
2 2012 TRANSACTIONS The national headlines contain news of slow activity in transactions, particularly versus year-to-date last year. Deals are happening, but they are taking longer as buyers spend more time studying the economics and banks slowly move back into the sector. REITs have backed off as well. A disconnect still exists between Seller wants and Buyer expectations. Kansas is not unlike the rest of the nation; however opportunities do exist as investors look to secondary and tertiary markets for better returns. In Kansas, Revenue Multipliers are lower and Cap Rates are higher on average. Banks were not hit as hard by the downturn and can be more receptive to hotel loans. The demand is there for quality, accurately priced assets. MARKET HIGHLIGHTS: WICHITA, KANSAS 2012: Month OCCUPANCY ROOM RATE REV PAR Location (% Chg/Prior Yr) (% Chg/Prior Yr) (% Chg/Prior Yr) Wichita Area June 73.7 (9.8) (2.8) (13.0) Wichita Area July YTD 60.1 (0.2) (2.8) (3.0) National July YTD 61.0 (3.4) (3.4) (5.1) *Source: STR COBBLESTONE INN & SUITES FINDING A NICHE IN UNDER SERVED MARKETS Cobblestone Inn & Suites is a new upper-midscale brand born in 2007 to fill the needs of smaller, under served markets; markets of no more than 5,000 to 6,000 residents. The all new build model is designed to bring the feel of a larger brand into markets where the economics do not justify other branded properties. Guests are able to enjoy consistency and the amenities of the chain scale, while the operators benefit from lower operating costs. To build a Cobblestone, including all-in costs, is approximately $65,000 per room. Cobblestone currently has 17 properties open, five under construction and 25 under development. One such hotel under construction is in Anthony, KS. Similar to a Cobblestone in Killdeer, ND, this 45-room property will benefit from the increased activity in oil exploration. Located in the Mississippian Oil Play, the Cobblestone in Anthony may be well occupied with workers from the oil boom for the near future.
3 timeline KANSAS OPENINGS, CLOSURES AND CONVERSIONS 2011 Drury Plaza Hotel Broadview completed $29 million in renovations of the 200-room Historic hotel. The $11.5 million Fairfield Inn & Suites at WaterWalk opened with 131 rooms. The hotel was awarded Opening Hotel of the Year by Marriott. January 2012 The Hyatt Regency Wichita completed it s $1.6 million expansion and renovation project of 35,000 square feet of meeting space improvements. The Hilton Wichita Airport Executive Conference Center was rebranded as a DoubleTree property, newly named the DoubleTree by Hilton Wichita Airport. The 302-room hotel remodeled its guest rooms, meeting areas, public spaces and lobby. February 2012 Sleep Inn opened near the I-35 turnpike in Haysville, just south of Wichita. The 54-room hotel was financed in part by $3 million in industrial revenue bonds and a transient guest tax rebate of 75 percent of the collected tax. The state closed the west-side EconoLodge at 600 S. Holland near Kellogg and Ridge for nonpayment of taxes. It was purchased at a sheriff sale and reopened as an independent hotel. March 2012 The 108-room Hampton Inn and Suites opened in Dodge City, adjacent to the Boot Hill Casino built several years ago. June 2012 The City of Wichita bought Super 8 hotel at 527 S. Webb Road for $4.1 million. The city bought the 119- room property as part of its ongoing property acquisitions for the extension of Kellogg to Greenwich Road. August 2012 Wichita Inn East becomes a Super 8. The switch was made after the Super 8 on the south side of Kellogg (mentioned above) was purchased and closed by the city. The 80-room Fairfield Inn & Suites opened in Hutchinson, Kansas. September 2012 Cobblestone Inn & Suites opens in Anthony, Kansas. This new brand opens hotels in small, under served markets, averaging 36 rooms. See article on previous page. December 2012 The 150-room Hampton Inn & Suites attached to the Kansas Star Casino in Mulvane is set to open (see photo). Future plans include opening an additional 150 rooms at the casino site in 2014 or The $22.5 million, 117-room Ambassador Hotel plans to open. The historic 14-story boutique hotel is located at the corner of Douglas and Broadway in downtown Wichita.
4 GRUBB & ELLIS Martens Commercial Group, LLC MARTENS A P P R A I S A L Our Depth of Knowledge Commercial real estate services including: Buyer Representation Tenant Representation Broker Price Opinion Site Location Services Leasing Disposition Services Asset Management Strategic Planning Financial Analysis Due Diligence The largest commercial appraisal firm in Kansas. Led by 3 members of the MAI, our appraisal team has the most market data and comps in the state. Consulting and appraisal on the combination of transportation and land use. Property management services and repositioning of troubled assets. Hotel and motel management ADVANTAGE Your
5 OUR TEAM Jeff Walenta Hospitality Advisor Tom Johnson, CRE President Brian Klahr, MAI State Cert. Appraiser (KS-MO) Hotel Specialist Lee Z. Whyte, MAI State Cert. Appraiser (KS-MO-CO-TX) Hotel Specialist FEATURED LISTINGS SOLD Ramada Inn & Conference Center Hutchinson, Kansas Best Western Blackwell, Oklahoma STAY CONNECTED We know the hotel market in the midwest and we are happy to share information, trends, insights and more. If you are interested in receiving a free Broker Price Opinion on your property, please give us a call at (316) Sign up for our quarterly hotel e-brief at S. Broadway, Wichita, Kansas (T) (F) Copyright 2012 Grubb & Ellis Martens Commercial Group. Reproduction in whole or part is permitted only with the written consent of Grubb & Ellis Martens Commercial Group. Some of the information contained herein has been gathered from sources deemed reliable however Grubb & Ellis Martens Commercial Group makes no warranties or representations as to the completeness or accuracy thereof.
6 435 S. Broadway Wichita, Kansas HOTEL SMARTbrief First Name Last Name Company Name Address STE 123 Wichita, KS 67202
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