2601 Us-169 Grand Rapids, MN 55744

Property Details for 2601 Us-169

Year built

1975

Property type

Hospitality properties

Property subtype

Hotels

Description

This fee-simple, 58-key Country Inn & Suites in Grand Rapids, Minnesota, presents a compelling investment opportunity. Boasting a 9.66% cap rate and a strong NOI of $405,520, this two-story, 1975-built hotel underwent a complete renovation in 2021, minimizing future capital expenditures. The property enjoys a prime location on US-169, a heavily trafficked route, attracting significant tourism. Grand Rapids, the county seat of Itasca County, offers year-round appeal, drawing visitors with its natural beauty, including Itasca State Park and numerous lakes, as well as winter recreation opportunities. The hotel benefits from local events at the Itasca County Fairgrounds and the Judy Garland Museum, further boosting occupancy. The hotel's impressive $1.3 million room revenue, achieved with an average daily rate (ADR) of $106, demonstrates its consistent performance. Modern amenities in each room include coffee makers, refrigerators, microwaves, flat-screen TVs, and whirlpool bath suites, enhancing the guest experience. The hotel also features a complimentary hot breakfast area. With a remote management model currently in place, this property offers significant potential for increased profitability under active management. The strong economic outlook for Grand Rapids, with anticipated employment growth and ongoing development projects, further strengthens this investment's long-term prospects. This stabilized investment offers a rare chance to acquire a well-maintained, high-performing hotel in a thriving location.

Location Insight

City

Grand Rapids

County

Itasca

State

Minnesota

Longitude

-93.5287

Latitude

47.2072