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*SIGNIFICANT UPSIDE POTENTIAL- A new operator has the opportunity to add significant value to this asset by closing the gap that currently exists between this hotel and its fair market share with either a focused renovation and property update to current brand standards per the current new owner PIP which would intern give a new owner a fresh 10 year license from IHG or to re-position and re-brand the hotel in the future with a new franchise. There also stands to be significant upside to be gained by a seasoned full-service operator at this property. The current ownership group whilst being great, limited service hotel operators have never operated a full-service hotel of this size before. Current management has not maximized revenues from the bar and restaurant, neither capitalized on the group business in the area nor have they gone after many banquets, thus leaving significant untapped revenues streams for a new owner to go after and benefit from. Another source of upside for this hotel is going the be the recent decrease in rooms count in this immediate market due to 3 hotels being converted into senior and assisted living facilities.
*UPSIDE IN RESTAURANT OPERATIONS- There is a tremendous opportunity for a new operator to take advantage off and turn around the restaurant revenues at this full-service hotel. While the hotel revenues continue to rise, but still under-performing vs. its competitive set, it by itself would provide good returns. The Pickle-Back Bar and Grill which is the onsite restaurant has taken time to catch on due to the current ownership's lack of knowledge and experience in restaurant operations causing it to eat away at the hotel's profits. Stabilizing the restaurant and capitalizing on the banquet room and meeting space would lead to significant gains in a new owner's bottom line.
*RAPIDLY DEVELOPING AREA WITH DEMAND GENERATORS CLOSE BY- The Holiday Inn North Phoenix is located right off Interstate 17 with great freeway visibility. The surrounding area is buzzing with optimism which shows by the development going on around the hotel and in the immediate area. The iconic Metro-Center Mall less than 2 miles down the road is experiencing a huge revitalization. There are multiple new housing communities that are being built around the area coupled with plenty of new retail and apartment buildings.
