Sheraton is an upscale, full-service hotel that serves the needs of both business and leisure travelers. Owned by Marriott International, properties are located in many of the world's most sought-after cities and resort destinations. In the heart of every lobby is the [email protected] area, where guests come together to meet, connect, and relax; complimentary amenities include fully-wired workstations, free Wi-Fi, newspapers, printing services, television, and a pleasant setting. Guestrooms provide ample workspace and the comfort of the Sweet Sleeper Bed.
As of year-end 2017, there were 192 Sheraton properties (73,074 rooms) in operation across North America. In 2017, the brand's North American hotels achieved an average occupancy level of 69.1%, an average daily rate of $160.49, and an average RevPAR of $110.95.
The subject property is an investment-grade, upper-upscale,full-serv fice hotel that would be attractive to active buyers. The hotel enjoys a favorable location in a primary market and offers an appropriate array of facilities and amenities. The hotel has undergone a significant renovation in 2015/2016, and another one in 2018, which would be considered a major advantage for a potential buyer. It is our opinion that the most probable buyer of the subject property would be a private investment fund, REIT, or ownership group looking to supplement its national hotel portfolio.
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