Property Summary

The Sleep Inn

Investment Summary

Six Four Asset Management added a 77-key select service hotel to its portfolio in 2019, acquiring the asset in a strong corporate demand market as a core plus investment needing minor renovations. The firm implemented a small property improvement plan (PIP) focused on upgrading bedding, carpeting, and furniture in guest rooms and common areas.

With the asset's modest renovations completed, Six Four focused on optimizing operations and revenue management. This proactive approach proved critical when the COVID-19 pandemic impacted hospitality in 2020. Working closely with its management partner, Six Four reduced costs while maintaining quality service through the challenging environment.

Despite industry-wide RevPAR declines, the hotel outperformed competitive sets in both occupancy and ADR thanks to Six Four's asset management. As the market rebounded in 2021, revenues exceeded pre-pandemic levels. Significant cash has been returned to investors to date.

The investment demonstrates Six Four's experience acquiring, managing, and enhancing hospitality assets through real estate cycles. Its focus on operations, asset management, and investor relationships enabled the asset to deliver resilient performance despite unprecedented challenges.

Location:  Pleasant Hill, IA

Keys:  77

Strategy: Renovation/Repositioning