Super 8, El Dorado, Kansas- SOLD by Warmbrodt Hotels
Warmbrodt Hotel Investments, Inc. (“WHI”) is pleased to announce the sale of the Super 8 Hotel in El Dorado, Kansas. WHI acted as exclusive advisor throughout the transaction on behalf of one of its corporate clients in their ongoing disposition strategy.
The 49 room, two story interior corridor hotel is located on Central Avenue in El Dorado, Kansas on Highway 254 is just east of Interstate 35. Northeast of Wichita, El Dorado is considered part of the Wichita Metropolitan Area. The community has a solid foundation of education, industry and recreation. Butler Community College has over 12,000 students enrolled and features championship caliber sports teams in their leagues. The Frontier El Dorado Refining Co., is one of the largest refineries in the plains and rocky mountain regions with a capacity of 110,000 barrels a day.
A local partnership purchased the property and intend to make the necessary improvements to maintain the Super 8 franchise. A marketing price of $1,850,000, demand for the property was high and the sales price revenue multiple above the national average. “Historical occupancy was very strong, with proximity to the refinery and interstate as the main demand generators. It is encouraging to continue to see active buyers and sellers in an improving lodging market” said Zane Varvel Vice-President who helped facilitate the transaction.