TOURIST ATTRACTION HOTEL
2008 GROSS: $1,814,982
MAJOR PRICE REDUCTION PRICE: $ 3,950,000 $3,495,000
103 UNITS
Located across the street from the entrance to the Silver Springs tourist attraction, Florida’s well liked and oldest continually operating tourist attraction, consisting of a 350 acre theme park visited by millions of tourists.
The hotel has had a challenging recent history, having been an independent for the last half of 2007, and finally securing a Days Inn flag in early February, 2008. All Days Inn systems became operational in April, 2008. The property, which is comprised of a 103 unit, exterior corridor hotel and a Denny’s restaurant, sits on 4.76(+/-) acres, of which 1.2(+/-) acres consists of a vacant outparcel to the rear of the hotel (185’ X 285’(+/-)), which could be used to develop an extended stay hotel, an assisted living facility, duplexes, triplexes, apartments, or other residential use. The out parcel has a current appraised value of $140,000.
Hotel consists of 17 king rooms, 2 queen rooms which are ADA compliant, a 1 bedroom apartment, a 2 bedroom apartment, with the balance being double doubles. Amenities include a 120 seat banquet room, meeting space for 50, a tropically landscaped pool area with an oversized, heated swimming pool, guest and house laundries and extensive parking.


Included in the sale is a Denny’s franchised restaurant. The restaurant seats 150 (+/-), is open 24 hours a day, and sales historically achieve $1.3 to $1.5 million annually(+/-). The restaurant is currently run by a general manager who is Denny’s trained and certified.


As of June of 2008, property is undergoing an extensive renovation to meet the requirements of the new Days Inn franchise. Included in this overhaul are:

One of the big advantages to the buyer is that he can take possession without a franchise PIP list. That is a savings of usually $200,000 - $300,000 on a property of this size. Additionally, transfer fee for the Days Inn franchise will only be $5,000 (a gift).

The area surrounding this hotel is in a strong development phase, with Lowes, UPS and Home Depot establishing a new presence in the area. Since this property is the only full service hotel with full amenities in the area, it attracts most if not all of the commercial room nights in the Silver springs area.

Current owner resides in the San Francisco bay area of California, where he has a very busy, all consuming contracting business. His proposed General Manager left the property shortly after acquisition, and this has resulted in an inferior performance of the property. The owner has determined an asking price, but wishes to move on with his other business endeavors, and has therefore taken the position of "BRING ALL OFFERS."

SELLER WILL CARRY A 2ND MORTGAGE!!
FINANCING NOTE: Seller requires $3,150,000 in cash (combination of buyer financing and buyer equity, as buyer desires) to retire existing mortgage and meet the expenses of the sale. The Seller will carry the balance on reasonable terms to suit the Buyer.
OR
Assume the existing mortgage with a balance of $2,800,000, put $350,000 down, and Seller will carry the balance on reasonable terms.


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. #1221