For Auction

REO | Fairfield Inn & Suites Toledo North

5685 Benore Road,
Toledo, OH 43612Represented by
Marcus & Millichap

Asset Snapshot

Real Estate
Asset Type
Hospitality
Property Type
Select Service
Hospitality Subtype
2007
Year Built
3
Floor Count
105
Parking Spots
84
Number of Rooms
2.18 Acres
Land Area
Occupancy As Of
1,300 SF
Function Space Area

Offering Summary

Investment Highlights

  • Premium, upper midscale brand of Marriott International
  • Lender-owned, special servicer asset sale
  • Vibrant diverse market - automotive, education, health care, glass manufacturing, and more
  • Location with easy access to I-75 and to all area demand generators
  • Historically strong revenue and cash flow; upside potential post-PIP renovation
  • Expected to sell below replacement cost
  • Pre-pandemic, the Hotel historically achieved an Occupancy Index in excess of 115%


The Offering

Marcus & Millichap, in conjunction with RI Marketplace, is pleased to offer for sale the 84-room Fairfield Inn & Suites Toledo North (the “Hotel” or the “Property”) located in Toledo, Ohio.  This premium, upper midscale Property is well situated to serve the many demand generators in northern Toledo as well as throughout the metro area.

The Hotel is ideally located just west of I-75 (Exit 210) in an established hospitality node containing numerous popular restaurants as well as shopping options.  Major corporate demand generators are close including GM Powertrain, the Chrysler Jeep Assembly Plant, Dana Corp., Libby Glass, and many others.  Downtown Toledo including SeaGate Convention Center, Fifth Third Field, and Huntington Center are less than 7.0 miles south of the Property.  Major medical centers as well as the University of Toledo and Lourdes University are also easily accessed.

The Fairfield Inn & Suites has historically performed very well, consistently generating $2.0+ million in Room Revenue and +/- 32% in NOI margin.  The COVID-19 pandemic, however, put downward pressure on performance creating an upside opportunity for a new operator.

Property Tours

  • Property Tour Schedule:
    • Nov 3rd and Nov 4th
  • To schedule a tour please contact David Altobello at (703) 424-8183 or david.altobello@marcsumillichap.com or Andy Kern at (301) 529-4321 or andy.kern@marcusmillichap.com
  • Prospective purchases are encouraged to tour the property prior to the auction; however, all tours must be arranged in advance.
  • Please do not contact the hotel or its staff directly.  

Due Diligence

Transaction Manager

Neil McKenna
Marketplace
(800) 915-7015nmckenna@realinsight.com

Platform Fee

Buyer pays a minimum platform fee of 5% or $25,000 at closing.

How it Works

Learn about bidding, reserve prices, and closing.

Read the auction guide

Auctioneer

Thomas Seaman
Auctioneer
License: 2007000016

Need Help?

Your transaction managers are your first point of contact for any auction or process questions. For additional support:

info@rimarketplace.com800-915-7015

Closed

This asset was part of the November 10th 2021 auction event, resulting in a successful transaction that closed in just 91 days.
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Investment Sales Brokers

Andy Kern
Marcus & Millichap
(301) 529-4321andy.kern@marcusmillichap.com
David Altobello
Marcus & Millichap
(703) 424-8183david.altobello@marcusmillichap.com
Michael Glass
Marcus & Millichap
OH License: BRK.2007005898

Disclaimers

The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.