2911 Gilmore Dr - Hospitality FOR SALE


Jonesboro, AR 72401
$5,400,000 USD
901-674-6105
2911 Gilmore Dr, Jonesboro, AR for Sale
$5,400,000 USD
Hospitality - FOR SALE
1/42
null | 13.57% Cap Rate

2911 Gilmore Dr
Jonesboro, AR 72401


OVERVIEW

• 90 Rooms in a 5-Story, Interior Corridor Building currently operated as Best Western Plus. • The hotel achieved room revenue of $1,247,032 in 2024, offering significant upside potential for new investors. With operational improvements and strategic market positioning, achieving a 100% RevPAR index could yield room revenue of approximately $2 million. • The property offers a 40% RevPAR upside compared to the comp set, capitalizing on market trends of increasing occupancy, ADR, and RevPAR, with growth projected through 2025. • Situated in Jonesboro, AR, a regional hub for industries like manufacturing, healthcare, and education. Located 70 miles from Memphis, TN, and 130 miles from Little Rock, AR. Scenario 1 – Continue as Best Western Plus • Offered at $5.7M price and minimal PIP with price per key of approx. $64.4K. o Year 1 Room Revenue approx. $1.51M o Year 1 Adjusted NOI approx. $575K Scenario 2 – Conversion to Spark by Hilton • Offered at $5.7M price + Approx. $2M PIP cost required to convert to Spark by Hilton. • Property is already approved by Hilton for Spark by Hilton conversion. The Hilton Brand, Hilton Honors Program and Reservation system can enhance a hotel’s prominence in the Market and positively differentiate it from its competitors. o Approx. $22.2K per key required to convert, based on Hilton’s Estimates • After Conversion, the hotel is still priced Significantly below the replacement cost. o Total approx. $85,556 per Key after acquisition and conversion costs. ? Approx. $63.3K per key cost to acquire. ? Approx. $22.2K per key cost to convert. • Proforma for Spark by Hilton o Year 1 Room Revenue approx. $2.2M o Year 1 Adjusted NOI approx. $800K

FOR SALE DETAILS

PRICE

$5,400,000 USD

PRICE/SF

$104 USD /SF

# OF ROOMS

90

PRICE/ROOM

$60,000 {currency}

CAP RATE

13.57%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Best Western Plus Jonesboro Inn & Suites

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

5

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

1989

PARKING SPACES

102

LAND DETAILS

LAND ACRES

2.03 AC

LAND SF

88,427 SF

ZONING

commercial

APN/PARCEL ID

01-144283-07300

ASK ABOUT THIS PROPERTY

Suresh PatelMoon Realty USA, LLCMore Info
901-674-6105

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Suresh PatelMoon Realty USA, LLCMore Info
901-674-6105

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.