Marriott Macon City Center _Property for Sale

240 Coliseum Dr, Macon, GA, 31217-3806, US

Marriott Macon City Center

Asset Description

JLL's Hotels & Hospitality Group, as sole and exclusive agent for Ownership, has been retained to offer for sale the leasehold interest in the 220-room Marriott Macon City Center (the "Marriott", "Hotel", "Property" or Asset"). The institutional quality Asset was built in 2009 and is one of the only premium branded, full-service assets in the Macon area. The Marriott is conveniently located near the heart of downtown Macon and is directly attached to over 50,000 square feet of event space in the Edgar H. Wilson Convention Center, the operations and profit of which are leased to the Hotel Owner, as well as the 9,000 seat Macon Coliseum. While the Property does sit on a ground lease, the structure is atypical and will convert to a fee-simple operation at the end of the lease. While the Property does sit on a ground lease, the structure is atypical and will convert to a fee-simple operation at the end of the lease. The Marriott Macon City Center is a truly unique Property and represents a tremendous opportunity to acquire a strategic convention center Hotel at an attractive basis.

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Attributes

Number of units

220

Year built

2009

Land area net

1.56 ha

Media

Investment Highlights

Exceptional Location and Asset: The Hotel provides direct access to the Edgar H. Wilson Convention Center, which offers over 50,000 square feet of meeting space that is operated by the Hotel Owner, and includes a connection to the Macon Coliseum with an additional of 42,000 square feet of exhibition space.

Favorable Ground Lease Terms: The ground lease includes minimal annual payments and will convert to fee-simple at the end of its term.

Significant Value-Add Potential: The Marriott Macon City Center features numerous avenues for a subsequent owner to unlock additional value through a change-of-ownership PIP and through the flexibility to implement alternative management strategies as the Property is being offered unencumbered of management.

World Class Brand Affiliation: The Hotel benefits from its strategic affiliation with Marriott International – the preeminent lodging brand in the world with over 160 million members across the globe.

Diversified Revenues through Convention Center Lease: The Macon Convention Center is leased from the City of Macon for 25 years and all of the revenue and expenses are captured by the Hotel, providing strong and diversified revenue for Ownership.

Discount to Replacement Cost: The Marriott Macon City Center represents an exceptional opportunity to acquire an institutional grade Asset well below the cost to build a new, full-service Property in the Southeast, which could extend upwards of $300,000 per key.