An outstanding opportunity to acquire a 180-key full-service Sheraton hotel overlooking the Ohio River with panoramic views of the Louisville skyline. Offered at an attractive basis of approximately $72,222 per key, this Marriott-branded property presents substantial value-add potential through repositioning and brand-driven improvements in one of the Midwest's strongest hospitality markets.
Built in 1989 and renovated in 2019, the hotel features 180 guest rooms, approximately 6,000 sq ft of meeting space, a full-service restaurant and bar, indoor and outdoor swimming pools, a fitness centre, business centre, concierge services, valet parking, room service, and free on-site parking. The property currently operates at 38.1% occupancy with an ADR of $169, RevPAR of $65, and trailing twelve-month revenue of approximately $4.24 million, producing a T-12 NOI of approximately $1.16 million.
The investment offers a clear repositioning strategy through a brand-required Property Improvement Plan (PIP) estimated at approximately $5 million. Upon completion, the business plan targets stabilised occupancy of approximately 65% or greater, ADR growth toward the competitive market range of $190–$210, RevPAR exceeding $125, and projected NOI growth to approximately $3.1 million. Approximately $420,000 in annual rental income from three existing ground-floor tenants provides valuable downside protection during the repositioning period.
Located just across the river from downtown Louisville, the hotel benefits from exceptional demand generated by more than 19 million annual visitors, the Kentucky Derby, Louisville Convention business, Louisville International Airport, Kentucky Expo Center, Churchill Downs, the University of Louisville, and numerous Fortune 500 employers including Humana, Yum! Brands, and Brown-Forman. This represents an exceptional opportunity for hotel investors seeking significant upside through active asset management and repositioning.
