Oak Coast Properties Announces the Acquisition of The Residence Inn in South Bend, Indiana

Firm Plans Extensive Property Renovation

. July 16, 2015

LOS ANGELES, CA. July 16, 2015 - Oak Coast Properties and Chicago based Harp Group (Portfolio Hotels) today announced the acquisition of the Residence Inn in South Bend, Indiana. The 80-room hotel is strategically located adjacent to four regional universities with access to major regional employers, cultural attractions and amenities. Coming on the heels of the firms recent $50 million acquisition of the 219-room DoubleTree San Diego, Oak Coast Properties and Harp Group acquired the asset for approximately $8 million including costs and plans to complete an extensive approximately $2 million renovation to the extended-stay property. The value-add investment strategy is aimed at maximizing RevPar potential.

“This Residence Inn property offers tremendous upside potential, with recession-resistant demand from four universities and one of the industry's strongest hotel brands,” said Phillip Nahas, Oak Coast Properties' Managing Partner. “Positive market fundamentals and the planned renovation are expected to improve the hotel's already strong performance with increased returns.”

The hospitality asset sits in an advantageous location in the state's fourth largest city, which serves as the economic and cultural hub of Northern Indiana and is part of the South Bend-Mishawaka market. The region is in the midst of economic recovery with employment on the upswing since 2013 and new construction starts also on the rise. In close proximity to the University of Notre Dame, St. Mary's College, Holy Cross College and Indiana University South, as well as significant regional employers including Honeywell, Bosch, Beacon Health System and PEI Genesis, the asset enjoys exceptional demand stability.

The Residence Inn property renovation will ensure the asset's Marriott-affiliated gold brand standard is maintained. All guest rooms and common areas, as well as hotel exteriors, will be enhanced to improve the property's position within the market and the experience for the hotels guests.

Apartment-style hotel rooms include full kitchens with ovens and boast an average size approximately 50% larger than traditional hotel rooms. The property appeals to both families and business travelers seeking extended-stay options. Onsite amenities desirable specifically to this class of travelers include laundry, concierge dry cleaning service, an outdoor pool, fitness center with volleyball court, grocery shopping service, game room and a complimentary daily breakfast buffet.

“Oak Coast Properties looks consistently for hospitality investment opportunities like this with leading hotel brands,” added Nahas. “We seek to increase value in assets where a strong regional market and an exceptional hotel brand come together in a winning combination.”

Oak Coast Properties is an active investor/owner pursuing class B and C multifamily community and hotel property acquisitions for the implementation of a value-add, long-term hold investment strategy emphasizing net operating income growth potential. The firm is aggressively targeting well-positioned hotel properties across the Eastern Seaboard, Pacific Northwest, and Western United States for acquisition.

About Oak Coast Properties

Co-founded in 2011 by Matthew Heslin and Phillip Nahas, Oak Coast Properties is a developer, owner and manager of multifamily and hotel properties. The firm applies a long-term investment approach to maximize the value inherent in each property holding. Oak Coast Properties is headquartered in Los Angeles, California.

Business Contact:

Julie Fornaro
T: 5625873957
E: [email protected]

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in March 1970...