This 100 key, 4 Story, Interior Corridor property is an attractive select service hotel in updated condition. The hotel is located in northwestern Pennsylvania in one of the largest cities in the state.
The property has a solid revenue history of earning $2+ Million Room Revenue/Year (excepting 2020 during pandemic lockdowns).
Revenue continues to trend upward with 2022 Year to Date revenue through August up significantly over last year – by over $160k+. The Seller expects the property to hit $2.3 Million in Room Revenue by year end.
The hotel is located off interstate highways and minutes from major shopping centers and restaurants. As one of the largest cities in the state, the population is about 100,000. The city consistently draws business demand to its manufacturing and insurance company hubs. Tourism is also a popular draw with to the city especially with visitors from New York, Ohio, and Canada to the many parks and attractions as well as shopping and casino.
In terms of Net Operating Income, the property had a 2021 adjusted Net Operating Income of $819,240 (38.6% of GRR). Looking forward to 2022 year end, the NOI is projected to reach $874,000 (38% of GRR).
The hotel is offered at $8,300,000 which is a 10.2% Cap Rate on the expected 2022 year end NOI.