Hodges Ward Elliott is pleased to present the opportunity to acquire the TownePlace Suites Des Moines West/Jordan Creek (“Hotel” or “Property”) – an institutionally built, 99-room extended-stay hotel that is exceptionally well-located within Iowa’s largest lifestyle mixed-use center. Jordan Creek Town Center, as not only the state’s largest shopping complex but also the 24th largest in the U.S. (1,340,000 SF), offers guests of the Hotel over 150 shops and restaurants within walking distance. Opened in 2015, the Property will provide the next owner a newer-vintage asset with renovation and operational upside, coupled with one of the most desired extended-stay brands within Marriott’s top distribution system.
| Address: | West Des Moines, IA 50266 |
| KEYS: | 99 |
| YEAR Built: | 2015 |
| Floors: | 4 |
| F&B Outlets: | Complimentary Breakfast |
| MEETING/EVENT SPACE: | 259 SF |
| AMENITIES: |
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| MANAGEMENT: | Unencumbered |
| LABOR: | Non-Union |
| Ownership Interest: | Fee Simple |
INVESTMENT HIGHLIGHTS
Exceptional Location
JORDAN CREEK TOWN CENTER
The Property is the closest hotel to the 1.34 million-square-foot Jordan Creek Town Center super-regional lifestyle center – the largest of its kind in the state.
BLUE-CHIP CORPORATIONS
West Des Moines is the metro area’s premier office submarket, and the TownePlace Suites is less than a five-minute drive from Wells Fargo’s 1.1 million-square-foot Jordan Creek campus, as well as numerous other high-powered office users such as Hy-Vee, Athene, Sammons Financial, Farm Bureau Financial Services, Stifel, etc. Additionally, tech giant Microsoft has invested more than $6 billion in West Des Moines to build seven data centers, with the five currently in operation creating 400 permanent jobs in the city.
MULTIPLE HEALTHCARE FACILITES
There are also three major healthcare facilities located less than a 10-minute drive from the Hotel – MercyOne, The Iowa Clinic and UnityPoint Health.
Fastest-Growing Large Metro Area in the Midwest
Des Moines’ population grew 6.3% from 2020-2024, making it the fastest-growing large metro in the entire Midwest by a significant margin. This post-COVID explosion comes off the heels of Des Moines’ 18.6% population growth from 2010-2021, which was also the fastest of any Midwest metro during that time.
West Des Moines itself is a highly affluent and true live-work-play neighborhood with significant new development across all asset classes including office, residential and retail.
Significant Renovation Upside
Built in 2015, the Property has not been renovated since opening, resulting in declining market-share in recent years. As a result, new ownership can realize material ADR upside via completion of a soft goods refresh.
Highly Desirable Extended-Stay Brand
Industry-Leading Marriott Affiliation
Operating under the rapidly growing TownePlace Suites flag (>500 hotels globally), the Hotel is backed by Marriott International – the strongest brand family in the lodging industry – providing a highly-rated reservation system and access to over 237 million tremendously loyal Marriott Bonvoy members.
No New Supply
There are no competitive hotels under construction or in planning in West Des Moines, affording new ownership the ability to further drive ADR in a growing submarket.
Clean Investment Offering
The non-union, fee-simple interest in the TownePlace Suites is being offered free and clear of existing management and financing, affording new ownership maximum optionality in the future operation and capitalization of the Hotel.