The hotel sits on 7.2 acres with excellent exposure and easy access to I-95. The area is booming, with a new regional Wal Mart (208,000 sq. ft.) being built within 3 miles, and a new million sq. ft. shopping mall being developed immediately across the interstate, at the same intersection.
The property had a major renovation approximately 4 years ago, during which both Porto Cocheres were built, and a full exterior renovation was completed. All case goods were replaced in the fall of 1999 for the larger property (99 units). In the fall of 2003, 100% of the rooms were redone at the smaller property (53 units) with all new Thomasville case goods, new televisions, new soft goods and paint. In the larger property, the majority of the air conditioners were replaced with GE Air Drys at the same time. The property also features a 60-seat restaurant that serves American cuisine, houses a Pizza Hut Express, and a 60 seat, very attractive and active lounge. There currently is parking for 170 cars and 30 semi-trailer trucks. Directly adjacent to the property, on the north side, lies a small, spring fed, clear lake stocked with bass and koi.
As with most hotels, 2002 was the poorest performance in many years for this property. 2003, however, is up significantly, with $1,625,000 in room sales for the year. In addition, the Space Shuttle is scheduled to restart flights in May 2004, which will again fill up the hotel during liftoff weeks, producing about $30,000 extra during weeks in which flights are scheduled. The seller is serious about selling, and has priced the property at 2.5 X Room Gross.
FLORIDA RESORT GROUP, INC.
PHONE (727) 524-0066/frg@gate.net/www.frgi.com
Broker is an agent of and paid by the Seller. This
document does not constitute or imply an offer of sub-agency to any other
Broker. All information is obtained from Seller or Seller’s Agent and is
believed to be accurate, but is not warranted by the Broker. #1165