This is an exterior corridor hotel
with national chain affiliation, excellent visibility, leased out restaurant
and bar, with substantial remodeling and capital expenditures completed
over the last several years.
A large property (2.69 (+/-) acres)
with open space to construct up to 40 more units, one half of which could
be waterfront.
BEST PART! If the Buyer wishes,
the Seller will lease back the Tiki Bar and restaurant for $180,000 per
year.
Room sales recent average runs
$21,000 per room annually. Occupancies for recent years run from a low
of 70.5% to a high of 83.1%, clearly indicating a demand for more rooms
at this location. With a new, interior corridor building along the pond
front, the property would lend itself to double branding, perhaps a Holiday
Inn Express or Hampton Inn.
