INDIANAPOLIS, IN— Matthews™, a commercial real estate investment services and technology firm, completed the sale of a Fairfield Inn, located at 5400 Weston Road in Evansville, Indiana. Matthews™ Vice President Mitchell Glasson and Associate Luke Whittaker represented the seller in the $8,800,000 transaction, with Kyle Matthews as the broker of record. The sale ranked as the largest transaction for a hospitality property in Evansville for price and square footage within the past year.

 

Constructed in 1995, the 110-room Fairfield Inn underwent a full renovation in 2022, supported by approximately $3 million in owner-funded capital improvements. The hotel benefits from demand tied to the University of Southern Indiana and a reported $500 billion expansion planned for downtown Evansville.

 

The seller, a repeat Matthews™ client, elected to market the asset as part of a long-term portfolio strategy emphasizing ownership in income tax-free states and future-focused asset planning. Matthews™ executed a targeted marketing process, generating 14 offers and directly sourcing the buyer, a seasoned hotelier with a portfolio of approximately 10 properties in the area.

 

“Through a structured call-for-offers process, we created meaningful competition,” Glasson said. “That environment helped us identify a qualified buyer and deliver notable pricing metrics, including $80,000 per key and a 3.50x room revenue multiple.”

 

For more information, please contact Mitchell Glasson and Luke Whittaker or visit www.matthews.com.

 

Kyle Matthews License No. RC52200195 (IN)

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.