Candlewood Suites

Property Listed by Gary Cooper License Number: BRKP.2009003157

Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view financial history including revenue, NOI, ADR, and Occupancy by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.

Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors the newly renovated Candlewood Suites Columbus located at 1100 Mediterranean Ave, Columbus, Ohio 43229. The Candlewood Suites is a 102 room, four-story, interior corridor, extended-stay asset, expected to open in May/June of 2024. The property is well-located near the intersection of E Dublin Granville Road (43,980 vehicles per day) and Interstate-71, north of downtown (80,000 vehicles per day). The property offers investors significant value enhancement opportunities by leveraging the recent renovations to aggressively increase ADR and Occupancy and stabilize the asset.

The hotel consists of 102 guest rooms and benefits from a variety of stable demand generators including tourism/leisure, medical, higher education, transient, and commerce. Key tourism and leisure demand generators in the area include the Columbus Zoo and Aquarium, and The Mall at Tuttle Crossing which is a mixed-use development that includes shopping and restaurants. Key Medical generators include the OhioHealth Dublin Methodist Hospital and the Nationwide Children’s Hospital. Key higher education demand generators include the Ohio State University and Ashland University. Key transient demand generators include the hotel’s position along I-71, a major north-south interstate that connects Columbus to cities such as Cincinnati and Cleveland. More transient demand generators are the proximity to the John Glenn Columbus International Airport, 14.6 miles southeast of the hotel, and the Rickenbacker International Airport, 29.6 miles south of the hotel. Key business demand generators include Nationwide Mutual Insurance Company, Ohio State University, Anheuser-Busch, and JP Morgan Chase.

The asset was shut down in 2023 to undergo a full conversion to the newest Candlewood Suites prototype, the Beacon 4.0 design. As part of the renovation, an entire gut-job project was completed to include a redesigned exterior entryway and porte-cochere, an upgraded roofline, new windows, new HVAC, new exterior window walls, a new roof, new electrical routing, new plumbing, new water heaters, a new voltage system, a new sprinkler system, new fire alarm panels (including wiring, strobes, detectors, pull station, emergency lights, and signs), new washers, new dryers, new guest room doors, new guest room RFID door locks, new bathroom showers (including panels, tub surrounds, tubs, faucets, and shut-off valves), new cased goods and furniture in all guest rooms, new soft goods in all guest rooms, new equipment in all guest rooms, new interior and exterior signage, new Wi-Fi systems, new computers, new guest room phones, new computers in the business center, new outdoor gazebos, a re-paved parking lot, upgrading landscaping, and new interior and exterior LED light systems.

Given the hotel will essentially be the newest hotel in the competitive set, an investor can expect to re-stabilize the asset post-opening to position the hotel as a RevPAR leader in the submarket