The Equus Inn
Pax bought the 152-room Quality Inn in Ocala towards the end of 2018 and immediately dropped the “flag,” opting to go independent. Since then, the Equus has gone from # 13 to # 4 out of 39 hotels in the market even while construction is being completed just now. Investors have so far received average cash yields of 4% through renovations and a pandemic. Pax expects to deliver cash yields of nearly twice that going forward as this innovatively designed hotel is a heavy favorite to be the third Pax Property to win Trip Advisor’s top award.
The Equus Inn, Ocala, FL
Total Initial Investment (including capex)
Current Market Value
Gain on Asset Value to Date
Average Annual Cash Yields to Date
Projected Equity Multiple
Projected IRR
Purchased Dec 2018
$10,150,000
$14,440,000
42.3%
7.6%
2.4 - 2.8
16% - 18%