OPERATIONS

The Home2 Suites by Hilton, Des Moines at Drake University is forecasting to finish its first full year of operation with an operating revenue of $2.7 million and a full year occupancy of almost 52%. Despite all the uncertainty brought on by the Covid-19 pandemic the hotel has been able to partner closely with the Drake University faculty, administration, and the families of students to become the hotel of choice for events on and around campus.

A strong focus on service has allowed the hotel to exceed brand benchmark scores for overall service by over 12 points through the first three quarters of the year. Being the only extended stay property in the Drake area has also differentiated the hotel allowing it to secure project teams working in the area requiring housing over the length of their contracts.

RETAIL

Traffic at Fernando’s Hummus increased greatly since the return of Drake students to campus. Bank of America’s 4,500 SF tenant improvement is currently underway with an anticipated spring 2022 opening. The restaurant continues to have an anticipated opening of spring 2022, pending COVID progress.