All Forum Posts by: Parth Patel

Thank you for reviewing our project! Your development looks fantastic, and I'm keen to learn more about mixed-use development. Unfortunately, Marriott generally restricts franchisees from incorporating other businesses into their interstate properties, although they do allow for more creative designs in urban markets.

According to the STR report I commissioned for the five closest competing properties, their occupancy rates were 73% in 2022 and 75% in 2023. Like your build, our project is situated on a smaller parcel of land compared to other Towneplace Suites I've examined. Our initial goal was to aim for 100+ keys to reduce the cost per key and better achieve our ADR and occupancy targets with aggressive marketing towards our mix of commercial and leisure stays.

I'll send you a direct message later today and would love to discuss this further at your convenience. I greatly appreciate your time and insights!

Hello All, 

I am working on a new construction hotel project in Smithfield, NC, and am seeking constructive feedback from professionals in the hospitality sector. Below are some key metrics and the proforma I have compiled from a feasibility study and an STR report. The site and TownPlace Suites by Marriott flag have already been secured. We have also partnered with a reliable general contractor who will be investing in the project and has extensive experience in mid-scale hotel construction. My partner and I have many years of experience owning and operating hotels in this market and are approved by Marriott to manage this project. Our backgrounds include owning and operating properties under Choice, Hilton, Sonesta, and Red Roof Inn brands.

This will be the second Marriott-branded hotel in Smithfield, with the other being an older Fairfield Inn. We anticipate that demand for mid-scale extended-stay rooms in this tertiary market of Raleigh will continue to rise over the next 5-10 years, as Johnston County is the fastest-growing county in North Carolina. Our current mid-scale property in Smithfield has seen an increasing number of guests staying between 7-29 days. Our closest competitor in Smithfield has achieved an ADR of $140 and RevPAR of $105 in 2022 and 2023, leading us to believe that a new mid-scale extended-stay property can achieve similar numbers.

We welcome any insights from those in the hospitality industry on any aspect of this project. We are quite advanced in the process but would appreciate feedback on the LTC targets for similar builds and whether any of our numbers might be overstated or overlooked.

Thank you!