Oak Coast Properties, Harp Group Acquire Residence Inn Hotel in South Bend for $8M
SOUTH BEND, IND. — Oak Coast Properties and Harp Group have acquired the 80-room Residence Inn hotel in South Bend for $8 million. The new owners plan to complete approximately $2 million in extensive renovations to the property. The value-add investment strategy is aimed at maximizing revenue per available room (RevPAR). As Indiana’s fourth largest city, South Bend boasts four higher education institutions in the area. The apartment-style hotel rooms include full kitchens with ovens. The average size of the rooms is approximately 50 percent larger than traditional hotel rooms. The property appeals to both families and business travelers seeking extended-stay options. The seller was RLJ Lodging Trust.