About the property
Located in the center of Melbourne, this Property is minutes from Florida’s beaches and less than a half mile drive from the Melbourne International Airport. The Property contains 237 spacious rooms, including 34 suites, all featuring floor-to-ceiling windows and large workstations. The Property completed a transformative $5.0 million ($21,000 per key) renovation in August 2017, that encompassed nearly every aspect of the guest experience. The scope included: guest rooms, guest bathrooms, the top floor Executive Lounge, 12,000 square feet of meeting space, the facade and parking lot, a fitness center, and a redesigned lobby featuring a completely revamped bar and lounge.
Location
Melbourne, Florida
Acquisition Price
$12 Million
Deal Sourcing
Direct to Seller
Hold
2 Years
Sale Value
$32 Million
Returns
71.6% LIRR
2.14x MOIC
Value Creation
Invested $5 million in renovations
Drove revenues from $8.7 million to $11.3 million in 2 years
Took over an asset that was losing its flag
Restructuring of new sales and marketing team with top-line revenue focus
Rightsizing of operational team while driving operational efficiencies
