Best Western Plus Steeplegate Inn | 100 W 76th St
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Best Western Plus Steeplegate Inn 100 W 76th St
118 Room Hotel Davenport, IA 52806 £5,868,375 (£49,732/Room)
Investment Highlights
- $1.9M+ Current Room Revenue
- Additional Income from Onsite F&B
- 1 Mile to the Recently Opened 2.3M-SF, State-of-the-Art Amazon Robotics Fulfillment Center
- Well-Maintained, Franchised Hotel Renovated in 2024
- Ideally Located Along Interstate 80, Minutes from the Mississippi River
- Within Minutes of Davenport Municipal Airport and the Iowa-Illinois Border
Executive Summary
Price Reduced to Meet the Market: Renovated Hotel | Quad Cities MSA
Property Tours
Do not contact on-site staff. All property tours must be scheduled through the listing agent. Prospective purchasers are encouraged to visit the subject property prior to submitting offers.
Marcus & Millichap has been chosen to exclusively offer for sale the Best Western Plus Steeplegate Inn, a two story full service hotel with food & beverage operated by lessee, located at the crossroads of Interstate 80 and U.S. Route 61 in Davenport, Iowa. The hotel consists of 118 interior corridor rooms and benefits from close proximity to several attractions and businesses within the Quad Cities Metropolitan area. Amazon recently opened a 2.3-million square-foot, state-of-the-art robotics fulfillment center nearby, with
the Best Western Plus Steeplegate Inn being the closest hotel to the site.
Amenities include a heated indoor pool & spa, spacious atrium, outdoor patio with seating, fitness center and complimentary breakfast. Business amenities include a business center and more than 8,000 square feet of meeting space. The hotel's F&B is leased out and run by the lessee. The F&B lessee provides catering services for events held at the hotel. The lessee also pays $120,000/year and 30% of the hotel's utility costs. F&B lease commences in September 2024 for events, bar and restaurant. Hotel is responsible for guest breakfast.
The cost of capital property improvements in 2023 & 2024 total $756,750 and include 3 phase wiring in all guest rooms, new LVT flooring in 92 guest rooms, new PTAC units in 106 guest rooms, replacement of windows in poor shape in the amount of $36,000, new Atrium HVAC, new outdoor LED parking lot lighting, etc. Additionally, a new $346,380 solar roof has reduced the hotel's electric costs by 30% in its first six months.
The hotel’s asking price is $7,500,000. Five-Year IRR on asking price is 34.4% and Average Cash-on-Cash Return on asking price is 25.2%.
Property Tours
Do not contact on-site staff. All property tours must be scheduled through the listing agent. Prospective purchasers are encouraged to visit the subject property prior to submitting offers.
Marcus & Millichap has been chosen to exclusively offer for sale the Best Western Plus Steeplegate Inn, a two story full service hotel with food & beverage operated by lessee, located at the crossroads of Interstate 80 and U.S. Route 61 in Davenport, Iowa. The hotel consists of 118 interior corridor rooms and benefits from close proximity to several attractions and businesses within the Quad Cities Metropolitan area. Amazon recently opened a 2.3-million square-foot, state-of-the-art robotics fulfillment center nearby, with
the Best Western Plus Steeplegate Inn being the closest hotel to the site.
Amenities include a heated indoor pool & spa, spacious atrium, outdoor patio with seating, fitness center and complimentary breakfast. Business amenities include a business center and more than 8,000 square feet of meeting space. The hotel's F&B is leased out and run by the lessee. The F&B lessee provides catering services for events held at the hotel. The lessee also pays $120,000/year and 30% of the hotel's utility costs. F&B lease commences in September 2024 for events, bar and restaurant. Hotel is responsible for guest breakfast.
The cost of capital property improvements in 2023 & 2024 total $756,750 and include 3 phase wiring in all guest rooms, new LVT flooring in 92 guest rooms, new PTAC units in 106 guest rooms, replacement of windows in poor shape in the amount of $36,000, new Atrium HVAC, new outdoor LED parking lot lighting, etc. Additionally, a new $346,380 solar roof has reduced the hotel's electric costs by 30% in its first six months.
The hotel’s asking price is $7,500,000. Five-Year IRR on asking price is 34.4% and Average Cash-on-Cash Return on asking price is 25.2%.
Property Facts
| Price | £5,868,375 | Building Size | 58,900 SF |
| Price Per Room | £49,732 | No. Rooms | 118 |
| Sale Type | Investment | Number of Floors | 2 |
| Property Type | Hospitality | Year Built/Renovated | 1984/2024 |
| Property Subtype | Hotel | Parking Ratio | 4.3/1,000 SF |
| Building Class | C | Corridor | Interior |
| Lot Size | 11.77 AC |
| Price | £5,868,375 |
| Price Per Room | £49,732 |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 11.77 AC |
| Building Size | 58,900 SF |
| No. Rooms | 118 |
| Number of Floors | 2 |
| Year Built/Renovated | 1984/2024 |
| Parking Ratio | 4.3/1,000 SF |
| Corridor | Interior |
Amenities
- Business Centre
- Fitness Centre
- Pool
- Restaurant
- Shuttle Service
- High Speed Internet Access
- Patio
- On-Site Bar
- Indoor Pool
- Meeting Event Space
- Wedding Venue
- Public Access Wi-Fi
- Smoke-Free
- Hot Tub
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 6 | £112.67 | - |
| Guest Room | 112 | £93.11 | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £3,366,531 | |
| Land Assessment | £465,383 | Total Assessment | £3,831,913 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£465,383
Improvements Assessment
£3,366,531
Total Assessment
£3,831,913
zoning
| Zoning Code | C-3 |
| C-3 |
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Best Western Plus Steeplegate Inn | 100 W 76th St
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