Candlewood Suites Peoria at Grand Prairie 5300 W Landens Way 83 Room Hotel Peoria, IL 61615 $12,110,000 CAD ($145,904 CAD/Room)

CBRE Hotels is pleased to present the opportunity to acquire the fee-simple interest in the three-story interior corridor, 83-room Candlewood Suites located in Peoria, Illinois. The Candlewood Suites’ strategic location adjacent to the Shoppes at Grand Prairie -- Peoria’s high-end open-air mall -- offers guests several walkable retail and dining amenities. This ideal location on the north side of Peoria enables the property to capture significant lodging demand from various corporate, leisure, healthcare, university, and group demand drivers. These include Caterpillar, Komatsu America Corp, Maui Jim, Vonachen Group, OSF Healthcare, Carle Health Methodist Hospital, Louisville Slugger Sports Complex, and Bradley University. Furthermore, the asset is easily accessible to Interstate 74 via War Memorial Drive, which connects the asset to Galesburg and the Quad Cities to the west, Bloomington and Champaign to the east, and eventually Chicago via Interstate 55.
As the only extended-stay hotel in the Grand Prairie submarket, the Candlewood Suites continues to achieve impressive performance capitalizing on its recently completed renovation and the continued economic developments in Peoria, Most recently, several major projects have been completed including the $230M OSF Healthcare Cancer Therapy Center, and $30M Komatsu office building development. Additionally, there are numerous planned projects including the $35M OSF Healthcare Behavioral Health Facility, $18M OSF Healthcare Cancer Therapy Center expansion, $160M Par-A-Dice Casino Development, $80M Maui Jim expansion, $30M Caterpillar Downtown Peoria expansion, and $351M infrastructure improvements across nine projects in Peoria. The strong base of existing demand generators, coupled with the significant recent and planned economic activity, has enabled the Candlewood Suites to achieve strong in-place performance. For the TTM period ending March 2026, the property achieved a RevPAR of $83 through an occupancy of 76 percent and an ADR of $109, resulting in a 15 percent increase compared to last year.
The three-story Candlewood Suites is in excellent condition, as the property completed a comprehensive renovation that concluded in 2023. The full renovation focused on a complete modernization of the guestrooms, guest baths, lobby, corridors, and exterior reimaging. This recent significant reinvestment is expected to result in a minimal Change of Ownership PIP for a new owner. As the Candlewood Suites is one of the most recently renovated extended-stay guestroom products across the Peoria market, the property leverages this status, as evidenced by its recent strong performance. For the YTD period ending June 2026, the property achieved a $89 RevPAR, an 18 percent increase compared to the same time last year. This recent trend is expected to continue as the property is restabilizing following the renovation and is benefiting from several new accounts that are expected to drive strong revenues throughout 2026 and beyond.
Offered unencumbered of management and at pricing well below replacement costs, the Candlewood Suites presents new ownership with the ability to acquire a high-performing extended-stay hotel with minimal capital reinvestment required upon change of ownership.