Griffin Stafford took a contrarian approach to hotel development when the company decided to open a national-branded midscale extended stay hotel in a market dominated by upper midscale and upscale hotels. The company saw the need for more affordable long-term accommodations due to corporate relocations and expansions in the particular market.
The hotel opened during the recession of 2008; however, it has delivered an annual average cash-on-cash return of 9.0% through 2017 (first ten years of operation). Most recently, the subject midscale extended stay hotel generated annual cash-on-cash returns of 16.55% to investors in both 2016 and 2017.
