Acquisitions
Existing Properties Criteria
- Size 100 - 300 Rooms
- Age Less than 15 years old
- Price $3M - to - $20M
- Segment Upscale Limited-Service; Full-Service considered
- Brands Hilton, Marriott, Hyatt, IHG
- Markets Primary & Secondary markets
- Locations Barrier to Entry locations
- PIP Should be available for review
- Caps 11% - 15% preferred
- Multiples 2.0 - 3.5x GRR for Limited Service, 1.0 - 1.5x Total Revenue for Full Service
Land Criteria
- Size 2 - 3 acres
- Age $8.00 - $20.00 per square foot
- Niches Buffer zones near larger cities
- Brands Hilton, Marriott, Hyatt, IHG
- Markets Primary & Secondary markets
- Locations Barrier to Entry locations
- Zoning Hotel as Permitted Use
Sun is a serious, can-do buyer in search of serious, will-do sellers …
- Closed on eight hotels in 24 months
- No financing contingencies
- LOIs - typically within 48 hours of determining interest
- Due Diligence - 30 days in most cases
- Closing - customarily 30 days after due diligence
- In-house crews accustomed to renovating to brand standards
- Currently own and operate 28 hotels in nine states
Brand Focus - Current
- Embassy Suites, Homewood Suites, Hilton Garden Inn, Hampton Inn & Suites
- Courtyard by Marriott, SpringHill Suites by Marriott, Fairfield Inn & Suites by Marriott, TownePlace Suites by Marriott
- Staybridge Suites, Holiday Inn & Suites, Holiday Inn Express
Sun Development
- Top Hotel Multiunit Owners & Developers - 2008
- Embassy Suites Developer of the Year - 2008