Hotel Northland Autograph Collection - Hotels

304 North Adams Street, Green Bay, WI, 54301, US

描述

JLL's Hotels & Hospitality Group, as sole and exclusive agent for the owner, has been retained to offer for sale the fee simple interest in the historic 160-room Hotel Northland, Autograph Collection (the "Hotel Northland," "Hotel," or "Property"). While the Hotel Northland first opened in 1924, the Property underwent a $35 million historic restoration in 2019 and is now affiliated with Marriott's Autograph Collection.

Hotel Northland is located one block from the 80,000 square foot KI Convention Center in the heart of Green Bay's Central Business District with proximity to major tenants including the 645,000-square foot Georgia Pacific manufacturing center, Schneider National, Associated Banc-Corp, Schreiber Foods, American Foods Groups, and the 1.4 million square foot Procter & Gamble paper mill, among others. Moreover, the Hotel enjoys proximity to major leisure demand including Lambeau Field and the Green Bay Packers, the 45-acre Titletown District, Titletown Brewing Company, and the CityDeck District. Located within one mile of Hotel Northland, the Shipyard Redevelopment Project is repurposing the former water and rail transport center for raw materials into a destination of recreation and tourism which will include a fishing pier, kayak launch deck, great lawn for concerts, festivals, and other outdoor events, an urban beach, and a commercial plaza to support start-up retail outlets.

With over 15,000 square feet of meeting space and multiple food and beverage outlets (Poke The Bear and Walnut Room), the Hotel is ideal for group business, as well as the transient traveler. Offered unencumbered of management, a new Owner is presented the opportunity to implement their own managerial efficiencies and cost-savings initiatives as well as implement their own sales and marketing and revenue management strategies. The offering presents a unique opportunity to acquire a cash-flowing historic Hotel at a significant discount to replacement cost.

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属性

单位数量

160

建筑净面积

14,772 平方米

建成年份

1924

土地总面积

0 平方米

翻新年份

2019

产权

Freehold

媒体

投资亮点

BEST-IN-CLASS, INSTITUTIONAL QUALITY ASSET The Hotel Northland is a prominent, eight-story upper-upscale Hotel featuring 160 modern guestrooms and is equipped with two full-service food and beverage options, approximately 14,800 square feet of flexible meeting space, a fitness center, and a private event space equipped with two bowling lanes.

HISTORICAL HOTEL The Hotel was first delivered in 1924. The Hotel was the preferred Hotel that accommodated Away teams that competed against the Green Bay Packers in the National Football League. In 1979 the Hotel was repurposed into senior housing. The Hotel served as senior housing until 2010, when the building was eventually vacated. In 2019, the Hotel was re-opened as Hotel Northland, Autograph Collection and is currently registered with the Wisconsin State Register of Historic Places.

DIVERSE ECONOMY Green Bay's economy is anchored by a diverse mix of manufacturing, agriculture, and service industries, with paper and pulp production historically serving as a major economic driver due to the region's proximity to forests and the Fox River. The city is home to several Fortune 500 companies and major employers, including Schneider National, Associated Banc-Corp, and Procter & Gamble, while also benefiting significantly from the Green Bay Packers NFL franchise.

CASH FLOWING HOTEL WITH UPSIDE The Hotel has delivered steadily growing annual cash flow and is well-positioned for performance growth following a revamp of operational strategies and revenue management.

UNENCUMBERED OF MANAGEMENT The Hotel is being offered free and clear of any management encumbrances, providing an investor with the flexibility to implement their own revenue management strategies and cost containment initiatives to maximize top-line revenues and bottom-line cash flows.

DESIRABLE BRAND AFFILIATION The Hotel is being offered subject to an Autograph Collection franchise, a leading upper-upscale brand within the Marriott International portfolio. The Autograph Collection brand offers owners an attractive, full-service product that continues to be highly sought-after with the modern-day traveler, commands high rates, and provides ownership flexibility with design and construction given its lifestyle and soft-branded nature and aesthetic.

ATTRACTIVE DISCOUNT TO REPLACEMENT COST The construction cost for a new full-service hotel continues to remain elevated in large part due to the relatively expensive and illiquid construction financing market, lingering supply chain inefficiencies, and elevated material and construction labor prices.