CBRE Hotels presents the opportunity to acquire the fee-simple interest in the 148-room Doubletree Hotel Detroit – Novi located in Novi, MI. Opened in 1988 and renovated in 2016, the two-story hotel is less than thirty minutes from downtown Detroit and benefits greatly from its accessibility via the Novi Road interchange off I-96. Several nearby demand generators help balance the overall sources of room nights for the Novi market and is a reason the asset and competitive set have historically had stable business on both weekdays and weekends.
For the trailing twelve-month period ending September 2023, the DoubleTree achieved a strong topline performance with a RevPAR of $81 driven by occupancy of 61% and an ADR of $132. This robust performance can be attributed to increases in corporate transient and group demand, which has propelled the hotel to achieve YTD RevPAR of $105 – $112 on Tuesday and Wednesday nights, as well as strong leisure travel on weekends, which has seen the hotel achieve occupancy levels of 71 percent for the first nine months of 2023. For the trailing three-month period ending September 2023, the Property achieved an impressive RevPAR of $96, a $18 premium over the competitive set.
The DoubleTree is being offered unencumbered of management, which will allow a new owner to implement their own business plan to capitalize on the impressive operating metrics achieved by the current operations team driving even stronger RevPAR and NOI levels achieved at the Property.
|Address||42100 Crescent Blvd, Novi, MI 48375|
|Food and Beverage||Tayo Grill, Tayo Lounge, Room Service|
|Meeting Space||Meeting Rooms (2,750 sq. ft. total event space)|
|Amenities||Fitness Center, Pool, Business Center, Free WiFi, Free Parking|
|Franchise License||Anticipated 10-year license term|
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