Econo Lodge St Stephen

Property listed by David Lockwood License number: SC MB3721.

Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors the Econo Lodge St. Stephen, located at 3986 Byrnes Drive Saint Stephen, SC 29479. The subject property is a 50-key, two-story, interior corridor property built in 1999 and sits on 1.39 acres parcel. The asset is a limited-service hotel located off N Highway 52 (4,900 Vehicles Per Day). The property is centrally positioned 48 miles from Charleston, 49 miles from Sumter, 63 miles from Florence, and 82 miles from Myrtle Beach. The property is offered with fee simple interest, unencumbered by debt and unencumbered by third-party management.

The offering presents a rare opportunity to acquire an interior-corridor hotel with convenient access to major MSAs at a fraction of replacement cost. With proximity to destination tourist markets such as Myrtle Beach and Charleston, prospective purchasers could expect the property to see a uptick in ADR and therefore RevPAR upon the completion of a modest changein- ownership PIP to bring property-level performance metrics in-line with the competitive hotels as defined in the STR report. The competitive set includes the Econo Lodge Goose Creek, Days Inn Goose Creek, Super 8 Santee, InTown Suites North Charleston, Red Roof Inn Santee and Econo Lodge Santee. For reference, in 2021, the property achieved RevPAR of $30.97 translating to a RevPAR penetration index of 74.3%. Furthermore, in 2022, the property achieved RevPAR of $35.02 translating to a RevPAR penetration index of 75.3%. In 2023, the property achieved RevPAR of $29.29 translating to a RevPAR penetration index of 62.5%. The RevPAR Penetration Indices present to an opportunistic, hands-on, owner-operator an opportunity to complete modest renovations at the hotel and emphasize sales and marketing to drive RevPAR and thus, increase returns significantly. Given the superior structure of the hotel compared to some of it’s exterior-corridor competitors, a new owner could expect to out-perform the hotel’s competitive set through renovation, rebrand, and/or more intensive management efforts.