OML - Quality Inn | Joplin, MO

3325 Arizona Ave,
Joplin, MO 64804

 

$3,025,000
Offering Price
$333,558
NOI
11.03%
Cap Rate
3.35
RRM
66
Total Rooms
$45,833
Price Per Key
$3,025,000
Offering Price
$333,558
NOI
11.03%
Cap Rate
3.35
RRM
66
Total Rooms
$45,833
Price Per Key

Investment Highlight

  • Quality Inn & Suites is a well-maintained hotel located in Joplin, MO, providing a comfortable and convenient stay for guests.
  • The hotel is easily accessible as it is situated just off I-44, making it an ideal choice for travelers passing through the area.
  • With 66 well-appointed guest rooms, this hotel is larger than the average property size in the Missouri South Area, ensuring a higher capacity for accommodating guests.
  • The property is spread across a generous 47,916 SF, providing ample space for guest facilities and potential future expansion.
  • Onsite amenities include complimentary breakfast, a fitness center, and a computer station for guest convenience.
  • Quality Inn & Suites is a well-established franchise with strong brand recognition and loyalty, attracting repeat customers.

Strong Market Recovery

  • Joplin's hotel market demonstrates resilience with a trailing 12-month occupancy rate of 55.5%, slightly above the market average.
  • Despite the challenges of the COVID-19 pandemic, Joplin has rebounded and attracted visitors, providing a solid foundation for hotel investment.
  • The market showcases a robust demand for hotel rooms and a positive outlook for future growth.

Growing Revenue

  • Joplin's Revenue per Available Room (RevPAR) has been climbing at an annual rate of 6.7%, in line with the Missouri South average.
  • This steady growth suggests healthy revenue potential for hotels in the area.
  • As the market continues to recover and demand increases, hotel establishments can expect further revenue growth.

New Developments

  • Joplin sub Market is experiencing a surge in hotel development with six projects currently underway, totaling approximately 350 rooms.
  • This marks the highest number of rooms under construction in over five years.
  • The growing number of hotel developments indicates strong market demand and positive market sentiment.

Investment Activity

  • Investment activity in the Missouri South Area has surpassed the submarket's three-year average, reflecting investor confidence in the hotel market.
  • The increased investment activity indicates a belief in the potential for growth and profitability in the Joplin area.
  • This heightened interest from investors validates the attractiveness of the Joplin hotel market for potential investments.

High Traffic Volume

  • Nearby roads, such as S Range Line Rd and E 36th St, recorded average daily volumes of up to 22,276 and 23,175 vehicles, respectively, in 2022.
  • The Joplin Regional Airport further contributes to the high volume of travels in the area, with an average of 18,519 aircraft operations, equivalent to 51 per day.
  • The high traffic volume indicates potential customer exposure, enhancing the visibility and accessibility of the hotel.

Economic Lodging Dominance

  • On of the top choice Hotel in town will soon converting in an IHG Holiday Inn Express. This will potentially draw more guest and revenue towards Quality Inn while the conversion in under construction.
  • More than 60% of the rooms in the Missouri South hotel market are Economy or Midscale accommodations.
  • The hotel can capitalize on this niche by catering to budget-conscious travelers, offering competitive rates and services tailored to their needs.

Job Creation

  • The Joplin market has experienced a steady annual job creation rate of 2.4%.
  • With the steady increase in employment, the demand for hotel accommodations from business travelers is expected to rise, supporting the hotel's profitability.
FOR MORE DETAILS CONTACT
Dharam Chaudhari
Principle
(913) 906-8600
dharam@reco.realestate