The Hampton Inn & Suites is a 120 room limited-service hotel, inclusive of 42 suites, located in Fort Myers Beach, Florida. The hotel was built in 2001 and was last renovated in 2007. It is situated on a four-acre site, 2.5 miles from both Fort Myers Beach and Sanibel/Captiva Beaches. Amenities include two board rooms with 800 square feet of meeting space, a business center, outdoor pool and courtyard, fitness center, 14-table (62-seat) complimentary breakfast area, complimentary area shuttle, guest laundry facilities, high-speed internet access in all guestrooms, as well as microwaves, dishwashers, and full sized refrigerators in all suites.
The property owner completed property improvements in excess of Hilton’s required minimum to allow the hotel to justify increased room rates. We expect the additional revenue generated by the improvements to be approximately $165,000 in the first year following the renovations.
When the Hampton Inn & Suites in Fort Myers Beach was purchased the property was ranked 543 out of 639 Hampton Inn & Suites for service, and 570 for cleanliness. Our team made great strides to improve these rankings, and the hotel is now 25 out of 681 for service, and 60 for cleanliness.
The property was sold in October of 2014 and generated a 32.91% gross IRR for the property owners.
Building Size (gross)*80,000 SF – 120 Rooms
Pre-acquisition Annual Occupancy*54.0%
Occupancy YTD through July 2014*83.9%
NOI Increase – 2013 vs. 2012*265% ($382k Increase)
2014 Projected NOI*$839,828
Actual Gross XIRR*32.91%