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Berkadia Real Estate Advisors LLC is pleased to offer, on an exclusive basis, the opportunity to acquire the dual-branded 241-key Hampton Inn (143 keys) & Homewood Suites (98 keys) Long Beach Airport (“Hotels” or “Property”), situated on approximately 3.9 acres in Long Beach, California. These non-union Hotels are strategically located within Douglas Park Center and only minutes from Long Beach Airport (LGB). Earning the title as “Space Beach” given Long Beach’s concentration of aerospace, space travel and satellite network companies, the Hotel’s location within Douglas Park positions the Hotels with unrivaled access to many of the city’s most prominent corporate, public and government contract demand base. The Property is situated within a diversified Southern California market, and benefits from its nearby access to many of the city’s most leading demand generators including the LB Convention Center, CSULB and the Long Beach Cruise Terminal. The Hampton Inn & Homewood Suites Long Beach Airport is surrounded by diverse year-round corporate, leisure, healthcare and government demand generators.
Built in 2017, two of the newest hotels in the Long Beach Airport submarket, the Property represents the opportunity to control the best Hilton assets in a Marriott-dominated submarket. The Property has been exceptionally maintained and boasts an efficient physical layout with a shared lobby and upscale amenities including a recently renovated outdoor salt-water pool and whirlpool spa, a large fitness center, an outdoor recreation area with BBQ grills, ping pong and a putting green, and complimentary shuttle service to Long Beach Airport. Since opening, the Hotels have experienced tremendous top and bottom-line performance, driven by a diverse mix of corporate, leisure and group demand. The Property also offers an investor additional upside potential through strategic ROI-driven capital initiatives and the continued growth of South Bay and Long Beach’s lodging market.
This offering provides investors the opportunity to acquire a strong cash-flowing asset within one of the nation’s most dynamic lodging MSA’s. The combination of the Property’s physical attributes, operationally efficient design and unrivaled location within Douglas Park with convenient access to Long Beach’s leading corporate, leisure, government, and healthcare demand generators will preserve the Hotel’s strong cash flows for years to come. Furthermore, the Hotels are offered for sale unencumbered of management.
TTM March 2024
Budget 2024
quick facts
$85.39
RevPAR
99.4%
Index (Adjusted Comp Set)
$3.5MM
Revenues
$1.1MM
NOI
32.3%
Margin
$93.31
RevPAR
$3.8MM
Revenues
$1.6MM
NOI
41.2%
Margin
The OFFERING
2023 Forecast (9+3) Quick Facts:
RevPAR
$122.54
Revenues:
$5.4MM
NOI
$1.5MM | 28.6% Margin
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Exceptionally Maintained, Institutional Quality Select-Service Hotels
Strong In-Place Cash Flow with Additional Upside Potential
Unique, Purpose-Built Dual-Brand Property
Premier Infill Location with Excellent Access
Newer Vintage Hotels In Strong Submarket With Muted Supply Pipeline Provides Long-Term Sustainability
Category Leading Brand Affiliations
Investment Highlights
#4 of 16 hotels in Cranberry Township
THE LOCATION
CRANBERRY HIGHLANDS GOLF COURSE
Stunning 186-acre course with over 90 sand bunkers, water hazards, and 70 separate tee areas
Equipped with full-service pro shop, grill room, banquet and meeting facility, featuring indoor seating for 150 and outdoor pavilion which seats 100, golf instruction, and two practice putting greens.
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PITTSBURGH INTERNATIONAL AIRPORT
56 gates and 135 nonstop destinations
Amidst a $1.6 billion expansion which will add 51 new gates
9.3 million passengers during the TTM February 2024 period compared to 9.8 million passengers at YE 2019
Directly and indirectly supports over 148,000 jobs
Generates $29 billion in business revenues
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CRANBERRY MALL
33 stores across multiple retail segments
Stores Include:
- Marhsall’s
- PETCO
- HomeGoods
- ALDI
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MORAINE STATE PARK
16,725-acre park attracting more than two million boaters, picnickers, hikers, bikers, horseback riders, cabin renters, and swimmers a year
71 miles of trails
Highlighted by the 3,225-acre Lake Arthur and its 42-miles of shoreline
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UPMC PASSAVANT-CRANBERRY
17-acre campus equipped with 24/7 emergency department, heliport, , and pediatric care center
33-bed hospital with state-of-the-art technology including 3D imaging
Part of the greater University of Pittsburgh Medical Center (UPMC) health system, which contains over 40 hospitals, 8,000 licensed beds, and employs over 92,000 people within the region
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MSA SAFETY INCORPORATED
Global Leader in the development, manufacture, and supply of safety products
Founded in Cranberry Township, their downtown Pittsburgh headquarters employs about 800 people
$1.5B in revenues (YE 2022)
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PPG PAINTS
#232 Fortune 500 Rank (2023)
117,980 SF facility in Cranberry Township
Downtown Pittsburgh headquarters employing over 1,000 people
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KAWNEER
Leading manufacturer of architectural systems and products for commercial construction
Approximately 600 employees are supported at their 950,000 SF facility in Cranberry Township
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GRAYMATTER
Industrial technology and consulting firm
Located on the 223-acre Innovation Ridge Advanced Technology Office Park in Cranberry Township
10,000 SF headquarters with approximately 100 employees
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CRANBERRY WOODS BUSINESS PARK
Mixed-use business campus featuring office, flex, and industrial capabilities
13 buildings containing in excess of 750,000 SF
Planned for 1 million SF at full build out
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KEYSTONE SUMMIT CORPORATE PARK
101-acre Class A office complex consisting of five buildings across 554,000 SF
Features a 3,300 SF auditorium, fitness center, and outdoor café
Major tenants include Heinz, Federated Investors, and EXCO Resources
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THORN HILL INDUSTRIAL PARK
925-acre corporate park
+3 million SF of industrial, flex, and office space
More than 100 companies occupy the park
Mitsubishi Electric, Paragon, USPS, and RedZone Robotics are among its tenants
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UPMC LEMIEUX OUTPATIENT FACILITY
Comprehensive outpatient facility for UPMC Sports Medicine, UPMC Magee-Women’s Specialty Services, and UPMC Children’s Express Care.
54,000 SF of clinical space
Sports medicine clinic with 24 patient rooms and on-site MRI and x-ray imaging
Exclusive Hotel Partner
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UPMC LEMIEUX SPORTS COMPLEX
Primary training and practice facility of the NHL’s Pittsburgh Penguins
Two full-size hockey rinks with approximately 1,400 seats
Sprinting track and batting cages
14 locker rooms
Exclusive Hotel Partner
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GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Visit Doc Center
Scott Hall
Managing Director
scott.hall@berkadia.com
MORTGAGE BANKING
Courtney Farrington
Senior Financial Analyst
courtney.farrington@berkadia.com
Aaron Lapping
Senior Director
aaron.lapping@berkadia.com
Scott Hall
Managing Director
scott.hall@berkadia.com
Investment Sales
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LONG BEACH AIRPORT
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CONTENT?
Property overview
Parking
222 surface parking spaces (206 regular, 8 handicap and 4 EV connections) $18 daily self-parking
Amenities
SALTWATER POOL & SPA
MANAGEMENT
Unencumbered
TENURE/LABOR
Fee-Simple/Non-Union
FOOD & BEVERAGE
Hampton Inn: Classic complimentary hot breakfast Homewood Suites: Breakfast taco bar and classic complimentary hot breakfast
SITE AREA
3.94 Acres (171,583 SF)
MEETING SPACE
1,544 SF (2 meeting spaces) (Excluding outdoor lawns, patios, board room or The Lodge - the separately keyed Homewood breakfast and event lounge)
GUESTROOMS
241 guestrooms Hampton Inn: 143 guestrooms Homewood Suites: 98 suites
STORIES
5
OPENED / RENOVATED
2017 / 2023 (Elective capital improvements)
3771 N Lakewood Boulevard Long Beach, CA 90808
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Unencumbered of Management
EV CHARGING
FITNESS CENTER
BUSINESS CENTER
AIRPORT SHUTTLE
WIFI
DIGITAL KEY
RECREATION AREA
WEDNESDAY EVENING SOCIAL
CONNECTING ROOMS
IN-ROOM KITCHENS
(5 am - 10 PM)
(Complimentary)
(BBQ, Ping Pong & Putting Green)
Homewood Suites Only:
LONG BEACH AIRPORT
LONG BEACH AIRPORT
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Home to a broad spectrum of businesses including aerospace and defense, aviation, technology, healthcare, innovation, cyber security, federal government contracting, and one of the country’s busiest airports – Long Beach Airport, the submarket will continue to attract a wide-spectrum of demand for the foreseeable future.
Located less than a mile from the LGB Airport, the Property is situated on 3.9 acres of premier infill real estate within the Douglas Park Center, the 261-acre redeveloped business park that once was home to Boeing’s aircraft production facility. Directly accessible from the major I-405, I-605 and I-710 freeways, the Hotels benefit from their nearby access to many of the city’s most leading diverse year-round corporate, leisure, healthcare and government demand generators.
Relativity Space, JetZero, California State University, Weber Metals, Port of Long Beach and Molina Healthcare are all part of the leading companies with a large footprint within a 5-mile radius of the Long Beach airport. Ford recently announced plans to open a 250,000 square foot EV development center in 2025 that will employ 450 workers in Douglas Park.
Located across the street from the Property is the 1.1 million-square-foot Mercedes-Benz Long Beach Campus, comprising three major facilities, the Vehicle Preparation Center (“VPC”), Classic Car Center (“CCC”) and Learning and Performance Center (“LPC”). Each of these Mercedes-Benz facilities are the only of their kind on the West Coast.
THE LOCATION
