Opportunity to acquire an established, cash flowing asset which is already approaching pre-pandemic levels with the ability to drive ADR when renovations are completed in 2024. Ownership has undergone a multi-year $7,000,000 PIP which is estimated to be completed in 2024, resulting in a hotel with little deferred maintenance and a new, modernized finished product. The property has performed remarkably well during construction / improvements with the PIP and we forecast the ability to increase revenue further once the PIP construction is completed, and all of the units are available for occupancy.
The property features assumable debt at a below market rate. There are currently 18 rooms which are not actively in service, they are accessible from the exterior and present a unique value add opportunity. Due to the size and location of the project there is the possibility to dual brand the hotel within the IHG family and increase revenue. In addition to the room renovations, the hotel recently renovated its 10,000 sq. foot event space, as well as restaurants, making an ideal space for business and social events to drive bookings for large parties and business conventions.