Griffin Stafford acquired a premium branded upper midscale transient hotel in a tertiary market in 2016. Although small in size, the market was considered because it is home to a substantial number of large manufacturing concerns and distribution centers which generate substantial hotel room demand. The market also benefits from access by two major interstate highways, freight rail lines and is a very short drive to two larger metropolitan areas. The first full calendar year that Griffin Stafford operated the hotel, it generated a cash-on-cash return to investors of 14.6%.
In 2017, Griffin Stafford undertook a major renovation of the hotel to make it more appealing to guests and corporate customers. The renovation was completed in the spring of 2018. Going forward, the company projects that the hotel will generate cash-on-cash returns in excess of 16.0% annually.
