Offered in co-operation with Laurel Real Estate Company
Offered at $3,750,000. Hotel Allocation $2,225,000. Apartments Allocation $1,100,000. Restaurant Allocation $300,000. House Allocation $125,000
Franchised Hotel includes 59 hotel rooms and suites and 28 apartments. The hotel is popular with local companies and contractors looking for extended stay lodging. There are 16 large suites with full kitchens. The hotel was renovated in 2018 with extensive exterior remodeling, renovated lobby and breakfast area, and upgrades to some hotel rooms. The hotel also includes a 3-bedroom, 2 bathroom manager’s apartment with large office/ living area. 2019 hotel room revenue is $823,086. Hotel allocation is 2.7 times hotel room revenue! Hotel revenue per key is $13,951.
The 28 apartments are fully leased with a wait list. There is high demand in the area for more apartments. A new owner could build additional apartments on extra land included in the sale, or buy adjacent land parcel to build more apartments. Apartment rent for 2019 exceeded $206,700. The apartments are easily managed by the same staff as the hotel.
Included in the sale is an on-site pizza restaurant and bar. The restaurant has been recognized with awards for the best pizza in town and is a favorite with locals and hotel guests alike. The restaurant is easily managed with streamlined food prep and limited menu. Restaurant revenue is $119,400 for 2019.
Lastly, the sale includes a single family home and garage which could be used as a personal residence or rented out for additional rental income.
Total Revenues in 2019 were $1,150,000. Strong net operating income of 45%. Net Operating Income exceeded $515,000. Offered 3.2 times Gross Revenues and at 13.7% Cap Rate!
Type of Service: Limited-Service
Source of Business: Commercial, Leisure, Corporate, Transient
Amenities: Smoking & Non-smoking Rooms, High Speed Internet, Breakfast Area, Restaurant, House & Garage, Managers Apartment, Free Parking.
|Net Operating Income||$515,161|
|Per Unit Price||$37,712|
|Room Revenue Multiplier||2.7|
|Gross Income Multiplier||3.2|
|Room Revenue per Room||$13,951|