Elkhart Hospitality for Sale - Outlying Elkhart County
Marcus & Millichap is pleased to present for sale to qualified investors the Red Roof Inn Elkhart (‘Hotel’ or ‘Property’) located in Elkhart, Indiana. This Hotel is offered at $3,400,000 or $42,500 per key.
The Red Roof Inn Elkhart is a two-story hotel with 80 rooms, located at 2902 Cassopolis Street in Elkhart, Indiana.
The property has undergone recent updates to enhance guest experience and operational efficiency. Approximately 40 percent of the guest rooms feature PTAC units less than four years old. Additional improvements include a new hot water boiler, updated room locks, new vanities in all rooms, and upgraded parking lot lighting, reflecting ongoing investment in both functionality and aesthetics.
The hotel boasts a strong RevPAR penetration index of 129 percent for the twelve months ending in June 2025, signaling robust competitive performance and attractive long-term value for potential buyers. The hotel is attractively priced at a Room Revenue Multiplier of 2.75, offering investors a compelling opportunity to acquire the asset at a conservative valuation with significant upside potential.
The Elkhart–Goshen Metropolitan Statistical Area (MSA) is home to approximately 207,000 residents and serves as a major economic hub in Northern Indiana. The city of Elkhart itself boasts a population of more than 53,000 residents, supported by a strong manufacturing base, access to major transportation corridors, and a diverse economy. Median household income in Elkhart County is approximately $65,600, and the region maintains a relatively young median age of 35.5 years, ensuring a stable and skilled workforce.
Elkhart is widely recognized as the “RV Capital of the World,” reflecting its dominant role in the recreational vehicle industry. Major employers such as Thor Industries (5.0 miles), Forest River (6.0 miles), Lippert Components (6.3 miles), and Patrick Industries (7.0 miles) drive consistent business travel to the area. Beyond manufacturing, the market benefits from a growing healthcare sector anchored by Elkhart General Hospital (4.2 miles), a 245-bed facility providing comprehensive care, and specialty providers such as the Goshen Center for Cancer Care (15.3 miles). These institutions attract patients, medical professionals, and families, generating additional lodging demand.
Higher education adds another layer of economic stability and transient activity. The region hosts institutions such as Goshen College (15.3 miles), Ivy Tech Community College (7.6 miles), and Indiana University South Bend – Elkhart Center (3.3 miles), with more than 40,000 students enrolled within an hour’s drive. These schools support workforce development while attracting visiting faculty, guest lecturers, and families for campus events.
Elkhart’s leisure and tourism appeal further enhances hotel demand. Visitors enjoy attractions such as the RV/MH Hall of Fame (5.3 miles), Wellfield Botanic Gardens (2.3 miles), the Midwest Museum of American Art (3.3 miles), and the historic Ruthmere Campus (2.8 miles). The Lerner Theatre (3.3 miles) anchors the performing arts scene, while destinations such as Ox Bow Park (8.6 miles), the Hall of Heroes Superhero Museum (1.1 miles), and the Elkhart County 4-H Fairgrounds offer additional recreational and cultural experiences. Seasonal festivals, arts events, and riverfront activities along the St. Joseph River draw travelers year-round.
The city also benefits from excellent transportation connectivity. Elkhart Municipal Airport (EKI – 1.5 miles) provides convenient regional access, while South Bend International Airport—located less than 30 minutes away—offers multiple domestic and international flight options, supporting both business and leisure travel.
Strong event and meeting infrastructure further positions Elkhart as a group travel destination. The Northern Indiana Event Center (5.3 miles), adjacent to the RV/MH Hall of Fame, hosts conferences, trade shows, and corporate events, complemented by facilities such as the Matterhorn Conference Center (1.0 miles). This combination of industrial prominence, cultural attractions, and event venues creates balanced lodging demand across segments.
Economic development initiatives in Elkhart County and the South Bend–Elkhart region highlight strong long-term growth potential. The Economic Development Corporation of Elkhart County and the South Bend–Elkhart Regional Partnership support business expansion through local tax incentives, workforce development programs, and infrastructure investments. The region benefits from Indiana’s Regional Economic Acceleration and Development Initiative (READI), which in 2024 awarded $45 million to the South Bend–Elkhart region, expected to leverage over $600 million in additional regional projects aimed at enhancing quality of life, talent development, and economic opportunity.
BROKER OF RECORD
Josh Caruana
Indiana
P: (317) 218-5300
License #: IN: RB14034355
