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| Address: |
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7725 Sossaman Lane
Concord, NC 28027 |
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| Minimum Investment: |
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$92,987 |
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| Price: |
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n/a |
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| Property Type: |
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n/a |
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| 1st-Yr Cash Return: |
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8% |
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| 8-Yr Average Return: |
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8.6% |
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| Occupancy Rate: |
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100 |
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| Financing: |
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An existing loan in the amount of $3,750,000 will be assumed on the property once 100% of the co-ownership positions are filled. The Pro-Forma interest rate is 6.5%, with a 10-yr term and 25-year amortization. |
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| Tenants: |
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The Suburban Extended Stay Hotel® brand is a pioneer and a leader in the economy extended stay lodging segment. Acquired by Choice Hotels International in 2005, the company became the tenth brand in the Choice system.
The brand is focused on providing the best value for the extended stay guest with comfortable amenities and affordable rates. All Suburban brand hotels feature in-room cooking facilities, data ports and voice mail; high-speed Internet access; on-site washers and dryers; weekly housekeeping services and economical daily, weekly and monthly rates.
Currently, there are 65 Suburban Extended Stay Hotel properties located in the Southwest and Southeast United States. Together, they present nearly 9,000 rooms in 11 states, including Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. |
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The site is ideally located just one mile from Lowe's Motor Speedway, formerly known as Charlotte Motor Speedway. This Concord hotel is minutes from the University of North Carolina at Charlotte, NASCAR SpeedPark, Concord Mills mall (the largest tourist attraction in NC), the Verizon Wireless Amphitheater and Ericsson Stadium.
Several businesses, colleges and hospitals are nearby, including IBM, JB Hunt, Phillip Morris, Barber-Scotia College, Carolinas Medical Center, Davidson College, NorthEast Medical Center and Rowan Cabarrus Community College. A variety of restaurants are located in the surrounding area. |
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