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Quality Inn & Suites 3695 Cerrillos Rd 116 Room Hotel Santa Fe, NM 87507 $6,500,000 ($56,034/Room) 9% Cap Rate
Investment Highlights
- RevPAR and occupancy ~25% below compset — significant value-add upside opportunity
- Located just 10 minutes from Historic Downtown Santa Fe and top cultural attractions
- Diverse demand from tourism, government, cultural events, and year-round visitation
- Converted from GreenTree Inn in 2023 with new paint, furniture, and guestroom upgrades
- Proximity to LANL — a $5B annual economic engine driving government lodging demand
- Located along Cerrillos Rd, Santa Fe's #1 retail corridor with ±51,100 VPD
Executive Summary
Matthews Real Estate is pleased to exclusively represent the seller in the disposition of the Quality Inn Santa Fe, an underperforming hotel offering a strong value-add opportunity in one of the Southwest’s most established cultural and tourism markets.
The property currently trails its competitive set, with RevPAR and occupancy roughly 25% below nearby Baymont, Days Inn, Ramada, and Econo Lodge, creating clear upside for a new owner to reposition the asset toward market norms. Santa Fe’s demand base is broad and resilient, driven by Historic Downtown, Canyon Road, the Georgia O’Keeffe Museum, Meow Wolf, and major annual events such as Indian Market, Spanish Market, Wine & Chile Fiesta, and the International Folk Art Market. Ski Santa Fe and the surrounding Sangre de Cristo Mountains further support year-round visitation.
Converted from a GreenTree Inn in 2023, the hotel received substantial renovations including new paint, furniture, and guestroom upgrades, reducing near-term capital needs. Located just 10 minutes from Historic Downtown, the property offers convenient access to Santa Fe’s top attractions, restaurants, galleries, and museums.
Additional demand stems from Los Alamos National Laboratory, a major economic engine for Northern New Mexico, along with state government offices and regional institutions. Santa Fe’s balanced mix of leisure, cultural, government, and institutional demand supports consistent occupancy and ADR throughout the year, reinforcing the long-term stability and upside of the asset.
Broker Of Record
Brian Brockman
Bang Realty-New Mexico, Inc.
20241, 9568 (NM)
2939 Vernon Place, Cincinnati, OH 45219 (866) 889-0550
The property currently trails its competitive set, with RevPAR and occupancy roughly 25% below nearby Baymont, Days Inn, Ramada, and Econo Lodge, creating clear upside for a new owner to reposition the asset toward market norms. Santa Fe’s demand base is broad and resilient, driven by Historic Downtown, Canyon Road, the Georgia O’Keeffe Museum, Meow Wolf, and major annual events such as Indian Market, Spanish Market, Wine & Chile Fiesta, and the International Folk Art Market. Ski Santa Fe and the surrounding Sangre de Cristo Mountains further support year-round visitation.
Converted from a GreenTree Inn in 2023, the hotel received substantial renovations including new paint, furniture, and guestroom upgrades, reducing near-term capital needs. Located just 10 minutes from Historic Downtown, the property offers convenient access to Santa Fe’s top attractions, restaurants, galleries, and museums.
Additional demand stems from Los Alamos National Laboratory, a major economic engine for Northern New Mexico, along with state government offices and regional institutions. Santa Fe’s balanced mix of leisure, cultural, government, and institutional demand supports consistent occupancy and ADR throughout the year, reinforcing the long-term stability and upside of the asset.
Broker Of Record
Brian Brockman
Bang Realty-New Mexico, Inc.
20241, 9568 (NM)
2939 Vernon Place, Cincinnati, OH 45219 (866) 889-0550
Property Facts
| Price | $6,500,000 | Building Size | 32,484 SF |
| Price Per Room | $56,034 | No. Rooms | 116 |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 9% | Year Built/Renovated | 1985/2023 |
| Property Type | Hospitality | Parking Ratio | 1.19/1,000 SF |
| Property Subtype | Hotel | Corridor | Exterior |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 2.75 AC | ||
| Zoning | C-2 | ||
| Price | $6,500,000 |
| Price Per Room | $56,034 |
| Sale Type | Investment |
| Cap Rate | 9% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 2.75 AC |
| Building Size | 32,484 SF |
| No. Rooms | 116 |
| No. Stories | 2 |
| Year Built/Renovated | 1985/2023 |
| Parking Ratio | 1.19/1,000 SF |
| Corridor | Exterior |
| Opportunity Zone |
Yes |
| Zoning | C-2 |
Amenities
- Pool
- High Speed Internet Access
- Patio
- Public Access Wifi
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 116 | $84.00 | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 018500575 | Improvements Assessment | $2,387,503 |
| Land Assessment | $1,226,758 | Total Assessment | $3,614,261 |
Property Taxes
Parcel Number
018500575
Land Assessment
$1,226,758
Improvements Assessment
$2,387,503
Total Assessment
$3,614,261
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Quality Inn & Suites | 3695 Cerrillos Rd
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