Marriott-Branded Hotel Asset for Sale in Columbia, South Carolina

A 99-key Marriott-branded hotel, recently refurbished for extended stay in Columbia, South Carolina, is on the market. The property offers an excellent opportunity for a regional investor to acquire a modern, fully renovated asset at a selling price below its replacement cost.

Historically, the hotel’s room revenue surpassed $2.8 million; however, a mandated renovation project impacted its performance from November 2023 to May 2024. Post-renovation, the hotel saw a substantial ramp-up, with a Revenue per Available Room (RevPAR) penetration index exceeding 102.0% as of September 2024.

The renovation project cost approximately $1.5 million and included updates to all guestrooms and public areas. Consequently, the new owners can focus on enhancing hotel performance and operations without significantly improving the property.

The hotel’s location along the Interstate 26 (I-26) frontage road provides excellent visibility and accessibility. It is conveniently situated near numerous dining, retail, and entertainment options, which benefit business and transient guests.

Several upcoming projects in the vicinity add to the property’s appeal. Scout Motors announced a $4-billion investment to develop an electronic vehicle (EV) manufacturing plant, expected to employ an estimated 4,000 workers upon completion in 2027. Additionally, Cirba Solutions plans to create a lithium-ion EV battery recycling factory near Columbia with an investment of over $1 billion in the next five years.

Columbia is also home to Fort Jackson, the U.S. Army’s largest training installation that attracts nearly 100,000 visitors annually. The nearby University of South Carolina (USC), with approximately 30,000 undergraduate students, contributes significantly to the local economy. USC plans a $1.1-billion project around its Williams-Brice Stadium, further boosting the local economy.

The Columbia Metropolitan Area welcomed 15.8 million visitors in 2022, a record high reflecting a 4.7% year-over-year increase. Tourism contributed a total economic impact of $2.6 billion, a 12.0% increase from 2021. Overnight guests increased from 5.5 million to 5.7 million in 2022, with lodging accommodations accounting for $286 million, or 17.0%, of visitor spending.

The estimated investment to construct a similar extended-stay hotel property with comparable amenities would be a minimum of $150,000 per key. Given the recent renovation, a new buyer can expect a minimal change-of-ownership property improvement plan.

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