kennesaw/atlanta, georgia...hotel features complimentary breakfast, business center, outdoor pool,...

KENNESAW/ATLANTA, GEORGIA

Presented by:

Clint W. HodgesSenior Vice President

B.J. PatelVice President

Tanveer S. BhatiaAssociate

Aghfar ArunAssociate

Vijesh PatelAssociate

3344 Peachtree Rd, NE • 25th Floor Atlanta, GA 30326 • (404) 233-6000

1140 Avenue of the Americas • 19th Floor New York, NY 10036 • (212) 763-6610

2049 Century Park East • Suite 2480 Los Angeles, CA 90067 • (424) 283-4424

hodgeswardelliott.com

LA QUINTA INN AND SUITESKENNESAW/ATLANTA, GA

LA QUINTA INN & SUITES // 3

PROPERTY SNAPSHOTAddress 560 Greers Chapel Drive NW Kennesaw, Georgia 30144

County Cobb County

Rooms 84 (43 Queen Queen, 39 King, and 2 One-Bedroom Suites)

Hotel Opened April 2000

Renovation/PIP Details $1.4 million renovation completed in 2017

Meeting Space 900 square feet

Stories 3

Site Area +/- 1.86 acres

Parking Spaces 106 (Surface)

Ownership Interest Fee Simple

Amenities Fitness Center, Business Center, Outdoor Pool, Complimentary Breakfast, Market Pantry, and Guest Laundry Facilities

Hotel Website Link

https://www.wyndhamhotels.com/laquinta/kennesaw-georgia/la-quinta-kennesaw/overview


INVESTMENT SUMMARYHodges Ward Elliott (HWE), as sole and exclusive

agent, is pleased to present the fee simple interest

in the 84-room La Quinta Inn & Suites located in

Kennesaw, GA/Atlanta MSA (“Hotel” or “Property”).

Built in 2000 and newly renovated in 2017, the

Property is conveniently located in the southeast

quadrant of I-75 and Barrett Parkway, close to I-575,

only 24 miles northwest of downtown Atlanta. The

Hotel features complimentary breakfast, business

center, outdoor pool, fitness center, and a gift shop.

In 2018, the Property had an Occupancy, ADR,

Total Revenue, and NOI Margin of 69.1%, $106.27,

approximately $2.30 million, and 41.6% respectively.

Investor has an opportunity to benefit from very

high cash-on-cash returns in a strong and growing

market. The Property is located in Kennesaw GA,

where there are an abundance of corporate and

leisure demand generators including, but not limited

to, Kennesaw State University (37,500 students),

Air Gas, Lockheed Martin Aeronautics, CryoLife,

Inc., Yamaha Southeast Headquarters, WellStar

Kennestone Hospital, Six Flags at White Water Park,

Town Center Mall, Cobb Energy Performing Arts

Centre, Kennesaw Mountain National Battlefield

Park, and SunTrust Park (new $672 million home of

the Atlanta Braves).


MARKET SUMMARYVisitors and residents of Kennesaw enjoy rich

history, cultural facilities and parks. Additionally,

it offers the outstanding education, sports and

entertainment options of Kennesaw State

University. KSU has been known as a major demand

generator in the area for over 50 years. As the third

largest university in Georgia, Kennesaw State has a

student population of over 35,000 and offers more

than 100 undergraduate and graduate degrees.

The University is also well known for excelling not

only in academics, but also in athletics. Kennesaw

State University, known as the Owls, offers 17

NCAA Division 1 programs competing in the Atlantic

Sun Conference, as well as over 40 intermural and

club teams. Located less than three miles from

the Hotel, this higher education institution attracts

numerous visitors year-round for athletic, arts &

music, cultural and learning events. Kennesaw State

University grew its total economic impact by more

than $54 million and increased its total employment

impact by 1,500 people in fiscal year 2017, according

to a University System of Georgia report released

this week. The total impact of all 26 USG institutions

on their host communities was $16.8 billion in FY

2017, with Kennesaw State eclipsing $1.46 billion.

Serving nearly 36,000 students, Kennesaw State’s

collective employment impact in FY 2017 was

14,441 full- and part-time jobs, including 3,911 jobs

on campus, which created 10,530 jobs off-campus

in either the private or public sectors. The University

System generated nearly 163,754 full- and part-time

jobs – 3.7 percent of all jobs in Georgia, or about

one job in 27. Approximately 31 percent of these

positions are on campus as USG employees and

69 percent are off-campus positions in either the

private or public sectors.


The area is also well known for its outdoor activities

and prestigious museums. Kennesaw Mountain

National Battlefield Park is home to three historic

battle field areas as well as over 17 miles of

interpretive trails for biking, running, hiking, walking

and more for guests of all ages to enjoy. Additionally,

The Southern Museum of Civil War & Locomotive

History captures Kennesaw’s strategic and economic

use of railroads, before and after the Civil War.

Visitors can enjoy special exhibits,6archives, a library

and museum collections of the city’s railroad story.

The Smith-Gilbert Garden, Swift-Cantrell Park, and

the Museum of History and Holocaust Education are

other popular attractions. Shopping can be enjoyed

throughout the Town Center at Cobb, Northwest

Atlanta’s main shopping destination. Sears, Macy’s,

JCPenny and Belk anchor this 1.2 million square foot

complex, containing over 175 stores and a recently

renovated food court.

The largest employer in Cobb County is Lockheed

Martin Corporation, who specializes in aircraft

manufacturing and employs roughly 10,000

employees. Other large employers include

Kennesaw State University (Education; 4,000

Employees), WellStar Kennestone Hospital

(Hospital; 3,900 Employees), CryoLife Inc,.

(Biotechnology; 1,000 Employees).


The Property directly benefits from its location

between two major interstate systems, Interstates

75 and 575, with an average traffic count of counts

of roughly 132,000 for I-75 and 77,000 for I-575.

This allows guests to easily access the Hotel from

Atlanta and other feeder markets as well the area’s

surrounding demand generators. I-75 runs north-

south in Georgia, along US Route 41. The interstate

passes through the major cities of Atlanta, Valdosta

and Macon. I- 75 is known to be one of the main

interstate highway routes and traffic corridors that

travels across the metro Atlanta Area. I-575 branches

off of I-75 in Kennesaw and connects the metro

Atlanta area with the north Georgia mountains.


NEW DEVELOPMENTLAKEPOINT SPORTS

(15 minute drive from subject Property)

In 2018, it hosted more than 1.25 million visitor

days at its nationally recognized sports complex

and generated nearly $100 million in economic

activity for the region. Last year, LakePoint saw

nearly $8 million invested into the complex by

owners Rimrock Capital Management, leading

to 10% overall growth and the commencement

of a $29 million road-bridge project for future

development. LakePoint hosted a variety of premier

sports events in 2018, including the Georgia Special

Olympics Winter Games, USA Cheer camp, the

Harlem Globetrotters training camp and national

championship tournaments hosted by Adidas, Nike

and Under Armour and will do so again in 2019.

The 2019 calendar is filled with a wide variety of

sporting events and activities. Every weekend from

January through mid-September, the Indoor Pavilion

is currently under contract with regional and national

basketball, volleyball, gymnastics, wrestling and

cheerleading events


COBB COUNTY’S TALLEST BUILDING HAS

BROKEN GROUND NEAR BRAVES STADIUM

4/19/2019: New North American headquarters of

elevator giant thyssenkrupp is called company’s

highest profile project. Fortune Global 500 company

Thyssenkrupp Elevator broke ground this week on its

new North American headquarters next door to Cobb

County’s burgeoning mixed-use hub The Battery,

home of the Atlanta Braves’s stadium. Scheduled

to open in 2021, the headquarters complex will be

punctuated by a 420-foot elevator test tower that

would be Cobb’s tallest building. For context, Sandy

Springs’s “King and Queen” towers at Concourse

Corporate Center each stand about 100 feet higher,

ranking them among the tallest suburban high-rises

in the nation. Officials have said the complex could

house some 900 full-time Thyssenkrupp employees

with an average wage of $100,000. ThyssenKrupp

already has offices in Marietta, Kennesaw and

Acworth, but this facility will represent a much larger

investment in Cobb. That’s an estimated capital

investment of $264 million.


GREATER ATLANTA

The Metro Atlanta area is a leading destination

for business and leisure travelers alike. Business

demand is driven by the 27 Fortune 1000 companies

whose headquarters are located in the region. The

Atlanta Metropolitan Statistical Area (MSA) is the

business capital of the southeastern US and is one

of the fastest growing metros in the United States.

Atlanta is a corporate mecca home to several major

corporate operations that comprise a large portion

of the Atlanta economy including, but not limited

to, The Home Depot, United Parcel Service (UPS),

The Coca-Cola Company, Delta Air Lines Inc., The

Southern Company, Genuine Parts Company, First

Data Corporation, SunTrust Banks Inc., Veritiv, Pulte

Group Inc., HD Supply Holdings, NCR Corporation.

Home to nearly 6 million people and more than

150,000 businesses, metro Atlanta continues to

be an attractive place for Fortune 500 and 1000

companies because of the region’s low cost of doing

business, ease of travel around the world through

Hartsfield-Jackson Atlanta International Airport, the

thriving innovative ecosystem, a business-friendly

environment and its reputation as a logistics hub.


Development and re-development activities in the

Atlanta Beltline TAD is projected to create 30,000

permanent jobs and 48,000 construction jobs. Public

transportation initiatives included in the Atlanta

Beltline will also play a vital role in ensuring continued

building and investing in the City. As of 2018, the

Atlanta Beltline consists of four open trails; two

trails in design and two trails under construction;

seven parks; intensive planning for modern streetcar

expansion; more than $4 billion in private economic

development; more than one thousand affordable

workforce homes; free fitness classes; a linear

arboretum; an urban farm; and the largest temporary

public art exhibition in the south. The Department

of City Planning manages construction and

development activity throughout the City of Atlanta.

During fiscal year 2018, the City issued 8,611 building

permits worth over $4.6 billion in new construction.

On November 5, 2018, Atlanta City Council approved

the Gulch development which is the single largest

development in the city in nearly 50 years. The

approval of the Gulch development consists of

$28 million investment into a citywide affordable

housing fund, required minimum affordable housing

residential units of 200 or 20%, whichever is greater,

$2 million commitment for workforce training,

$12 million investment into a Citywide economic

development fund, commitment to unprecedented

levels of minority and female-owned businesses with

a goal of at least 38% utilization and an offer of 10%

equity, and $12 million commitment towards the

construction of a new seven-bay fire station.


everywhere almost every day. The airport also

makes Atlanta an excellent hub from which to

manage operations or provide business services

to a geographically disperse client base. According

to the Airports Council International’s World Airport

Traffic Report, Atlanta operated the world’s busiest

passenger airport (Hartsfield-Jackson Atlanta

International Airport), which is the first airport to

surpass 100 million passengers in 2015. The total

number of passengers served by the Airport in 2018,

2017, and 2016 was 105.2 million, 104.3 million, and

103.7 million people, respectively.

As of 2017, the Atlanta MSA had a gross domestic

product of $385.5 billion which ranks 10th in the

nation. Major improvements at Atlanta Hartsfield-

Jackson International Airport bode well for Atlanta’s

growth, especially the new international terminal.

The airport is the world’s busiest for passenger

traffic and is the number one high-tech airport in

the nation. It has excellent access to mass transit.

The airport makes the Atlanta area an ideal location

to operate corporate headquarters due to its large

number of direct domestic and international flights.

Multi-state and multi-national companies based

in Atlanta are flying executives and salespeople


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DEMAND GENERATORS

1 Kennesaw State University

2 Lockheed Martin

3 CryoLife, Inc.

4 Yamaha Corporation

5 Airgas South Corporate Office

6 Kaiser Permanente Medical Campus

7 Wellstar Kennestone Hospital

8 Vulcan Materials Company

9 Six Flags White Water

10 Town Cetner Mall

11 Kennesaw Mountain National Battlefield Park

12 Cobb Energy Performing Arts Center

13 SunTrust Park (Home of the Atlanta Braves)

COMPETITIVE SET MATRIX

PROPERTY KEYS YEAR BUILT

La Quinta Inns & Suites Kennesaw 84 2000

1 Holiday Inn Express Atlanta Kennesaw 149 1989

2 Hampton Inn Atlanta Town Center Kennesaw 59 1994

3 Fairfield Inn & Suites Atlanta Kennesaw 86 1996

4 Baymont Inn & Suites Kennesaw 46 1997

5 Comfort Suites @ Kennesaw State University 69 2008

TOTAL 493

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3344 Peachtree Rd, NE • 25th Floor Atlanta, GA 30326 • (404) 233-6000

1140 Avenue of the Americas • 19th Floor New York, NY 10036 • (212) 763-6610

2049 Century Park East • Suite 2480 Los Angeles, CA 90067 • (424) 283-4424

hodgeswardelliott.com

kennesaw/atlanta, georgia...hotel features complimentary breakfast, business center, outdoor pool,...

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