Fairfield Inn Wallingford Meriden | Renovated 100 Miles Dr 116 Hotel Rooms Online Auction Sale Wallingford, CT 06492
INVESTMENT HIGHLIGHTS
- Fairfield Inn Wallingford Meriden is a well-constructed, concrete plank, 116-key hotel that underwent a $1.4 million renovation in 2024.
- Directly off Interstate 91 in Wallingford just north of Downtown New Haven and south of Hartford with access to New York, Boston, and beyond.
- Located 21 miles from Tweed New Haven Regional Airport, Oakdale Theatre, Gouveia Vineyards and Powder Ridge Mountain Park.
- Historically underperforming asset given physical condition, and an owner operator can significantly improve the top line and bottom line cash flow.
- Marriott is proposing a new, 13-year minimum license agreement, which will cover two renovation cycles.
- In 2022, Connecticut's tourism industry generated an estimated $17 billion in sales, with approximately $10 billion stemming from visitor spending.
EXECUTIVE SUMMARY
PROPERTY TOURS WILL TAKE PLACE ON APRIL 14th. PLEASE CONTACT THE BROKER TEAM TO RSVP.
Fairfield Inn & Suites Wallingford New Haven is the ultimate investment in Connecticut. The 116-key hotel rings in at an impressive 68,114 total square feet spread across four stories. The interior-corridor hotel was originally constructed in 1985 and underwent major renovations in 2001 and 2024 to keep up with the high Marriott standard via their PIP. Sitting on 3.08 acres, the asset comes equipped with plentiful surface parking for guests and staff. There are many special on-site features, including a fitness center, business center, laundry, convenience store, free buffet, a grab-n-go, and hot breakfast for guests to enjoy during their stay. Additionally, digital check-ins are available, and guests have access to a mobile key. Fairfield Inn & Suites Wallingford New Haven is also equipped with free Wi-Fi and elevator access to all floors. Marriott is currently working on issuing a PIP that should be limited to the next renovation cycle in about seven to eight years. Marriott has also informed the owner they will offer a 13-year minimum license for the new owner.
The New Haven/Waterbury Hospitality Submarket is an excellent place for investors to enter. The submarket contains 97 hotel properties, which contain around 7,100 rooms. Approximately 130 rooms are under construction in New Haven/Waterbury, accounting for 1.9% of its existing inventory. Over the past 12 months, roughly 100 rooms have opened across one building.
New Haven is the second-largest metro in Connecticut, with roughly 870,000 residents. The city benefits from a diverse array of industry sectors, with its most prominent being the education and health services sector, accounting for around 30% of total employment. This segment boasts a robust network of healthcare providers like Yale New Haven Health System and higher-education institutions such as Yale University and Quinnipiac University. This symbiosis has led to New Haven becoming a biotechnology hub, boosting employment and demand for lab space in recent years. Additionally, the New Haven metro features strong employment in trade, transportation, and utilities, which accounts for roughly 19% of the workforce. While the metro itself hasn't grown much, increased distribution and warehousing needs and a well-positioned location along Interstate 95 between major markets like New York and Boston have spurred growth in this sector, doubling transportation and utilities employment since 2019.
Fairfield Inn & Suites Wallingford New Haven benefits from its advantageous location directly off Interstate 91 in Central Connecticut. Interstate 91 is highly trafficked seeing over 71,000 vehicles daily driving to New Haven, Hartford, Boston, New York, and beyond. There is a strong business and corporate presence with big names Bristol-Myers Squibb, Medtronic, and Amazon’s distribution center close by. Tourism is growing with Oakdale Theatre, wineries, golf courses, and historic sites attracting visitors. Additionally there is education and healthcare demand as Yale University, Quinnipiac University, and Wesleyan University are all nearby.
Discover Fairfield Inn & Suites Wallingford New Haven, a cash-flowing opportunity in Wallingford, Connecticut.
Property listed by John Krueger with Marcus & Millichap - Connecticut License #REB.0791913
Fairfield Inn & Suites Wallingford New Haven is the ultimate investment in Connecticut. The 116-key hotel rings in at an impressive 68,114 total square feet spread across four stories. The interior-corridor hotel was originally constructed in 1985 and underwent major renovations in 2001 and 2024 to keep up with the high Marriott standard via their PIP. Sitting on 3.08 acres, the asset comes equipped with plentiful surface parking for guests and staff. There are many special on-site features, including a fitness center, business center, laundry, convenience store, free buffet, a grab-n-go, and hot breakfast for guests to enjoy during their stay. Additionally, digital check-ins are available, and guests have access to a mobile key. Fairfield Inn & Suites Wallingford New Haven is also equipped with free Wi-Fi and elevator access to all floors. Marriott is currently working on issuing a PIP that should be limited to the next renovation cycle in about seven to eight years. Marriott has also informed the owner they will offer a 13-year minimum license for the new owner.
The New Haven/Waterbury Hospitality Submarket is an excellent place for investors to enter. The submarket contains 97 hotel properties, which contain around 7,100 rooms. Approximately 130 rooms are under construction in New Haven/Waterbury, accounting for 1.9% of its existing inventory. Over the past 12 months, roughly 100 rooms have opened across one building.
New Haven is the second-largest metro in Connecticut, with roughly 870,000 residents. The city benefits from a diverse array of industry sectors, with its most prominent being the education and health services sector, accounting for around 30% of total employment. This segment boasts a robust network of healthcare providers like Yale New Haven Health System and higher-education institutions such as Yale University and Quinnipiac University. This symbiosis has led to New Haven becoming a biotechnology hub, boosting employment and demand for lab space in recent years. Additionally, the New Haven metro features strong employment in trade, transportation, and utilities, which accounts for roughly 19% of the workforce. While the metro itself hasn't grown much, increased distribution and warehousing needs and a well-positioned location along Interstate 95 between major markets like New York and Boston have spurred growth in this sector, doubling transportation and utilities employment since 2019.
Fairfield Inn & Suites Wallingford New Haven benefits from its advantageous location directly off Interstate 91 in Central Connecticut. Interstate 91 is highly trafficked seeing over 71,000 vehicles daily driving to New Haven, Hartford, Boston, New York, and beyond. There is a strong business and corporate presence with big names Bristol-Myers Squibb, Medtronic, and Amazon’s distribution center close by. Tourism is growing with Oakdale Theatre, wineries, golf courses, and historic sites attracting visitors. Additionally there is education and healthcare demand as Yale University, Quinnipiac University, and Wesleyan University are all nearby.
Discover Fairfield Inn & Suites Wallingford New Haven, a cash-flowing opportunity in Wallingford, Connecticut.
Property listed by John Krueger with Marcus & Millichap - Connecticut License #REB.0791913
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
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-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
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Transacted Rooms
999
999
999
Average Rooms
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Room Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Room
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
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Sale vs Asking Price
-9.9%
-9.9%
-9.9%
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Months to Sale
9.9%
9.9%
9.9%
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Market Sale Price per Room
Connecticut Area USA
Market Cap Rate
Connecticut Area USA
Market Sale Price per Room by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Cap Rate by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Sale Price per Room Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 3.08 AC |
| No. Rooms | 116 |
| No. Stories | 4 |
| Year Built/Renovated | 1985/2024 |
| Corridor | Interior |
| Zoning | I-5 - Interchange DIstrict |
AMENITIES
- Business Center
- Fitness Center
- Pool
- High Speed Internet Access
- Public Access Wifi
- Digital key
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 116 | $156.00 | - |
1 of 1
PROPERTY TAXES
| Parcel Number | WALL-000067-000000-000009 | Improvements Assessment | $3,038,700 |
| Land Assessment | $826,800 | Total Assessment | $3,865,500 |
ABOUT THE SELLER
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OTHER PROPERTIES IN THE VISIONS HOTELS PORTFOLIO
SALE ADVISORS
SALE ADVISORS
Jerry Swon, First Vice President/Director
(212) 430-5219
Contact
Jerry T. Swon is a Senior Vice President and Senior Director of the firm's National Hospitality Group. Mr. Swon joined Marcus and Millichap in 2015 to build out its Hospitality presence in the Northeast and is responsible for running the Hospitality Investment Sales team out of the Manhattan office. Mr. Swon prides himself on taking an advisory role navigating his clients through all aspects of the transaction with a keen focus on execution. Prior to his time at Marcus & Millichap, Mr. Swon served as Director of Hotel Sales and Commercial Investments for Brown Harris Stevens in New York City. Since 2015, Mr. Swon has closed on over $650mm in transactions, consistently delivering results for his clients.
Andrew Kern, Senior Managing Director Investments
(813) 387-4700
Contact
As one of the leading brokers in the hospitality industry, Andrew Kern joined Marcus & Millichap as Executive Director, National Hospitality Group in May 2019. In this capacity, Mr. Kern is responsible for national investment sales and advises on debt and equity placements for real estate transactions, particularly within the hospitality industry.
Mr. Kern brings with him more than 35 years of experience in every aspect of the hotel investment process, which has enabled him to successfully guide both buyers and sellers through difficult transactions.
Mr. Kern possesses broad expertise in analyzing complex transactions and as a principal, has personally spearheaded the acquisition and development of more than 40 individual hotel transactions throughout his career. His brokerage clients have included hotel companies such as Accor, Ashford Hospitality Trust, Baywood Hotels, Hardage Hotels, Hilton Hotels, Lodgian, Motel 6, Red Roof, RLJ Lodging Trust, Starwood Hotels & Resorts; private equity and investors including Aldesa, ARES, ING Clarion Partners, Investcorp, OTO Development, Platinum Equity, Shaner Hotel Group, Turnberry Associates and Varde Partners; and financial institutions such as Allied Capital, Archon Group, Associated Bank, Beal Bank, CRIIMI MAE, CWCapital, FirstCity, Lennar Partners and Wachovia.
Mr. Kern brings with him more than 35 years of experience in every aspect of the hotel investment process, which has enabled him to successfully guide both buyers and sellers through difficult transactions.
Mr. Kern possesses broad expertise in analyzing complex transactions and as a principal, has personally spearheaded the acquisition and development of more than 40 individual hotel transactions throughout his career. His brokerage clients have included hotel companies such as Accor, Ashford Hospitality Trust, Baywood Hotels, Hardage Hotels, Hilton Hotels, Lodgian, Motel 6, Red Roof, RLJ Lodging Trust, Starwood Hotels & Resorts; private equity and investors including Aldesa, ARES, ING Clarion Partners, Investcorp, OTO Development, Platinum Equity, Shaner Hotel Group, Turnberry Associates and Varde Partners; and financial institutions such as Allied Capital, Archon Group, Associated Bank, Beal Bank, CRIIMI MAE, CWCapital, FirstCity, Lennar Partners and Wachovia.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Taylor Cunningham
Contact
Auctioneer License:
Ten-X, Inc. Samantha Corbat RE Brkr REB.0790949
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Jerry Swon -
Andrew Kern -
Marcus & Millichap
