Holiday Inn Express

64 Keys – Brewerton, NY

EXECUTIVE SUMMARY

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OPPORTUNITY:  This 64 keys, two stories, interior corridor asset is located near Oneida Lake, is approximately seven miles from Hancock International Airport, and 90 miles from Rochester International Airport. The property was built in 1998 and has been Holiday Inn Express since. Property is off Interstate 81 and has virtually no competition in the local area. Oneida Lake is the largest inland lake completely within the State of New York, located northeast of Syracuse in the Finger Lakes region. It is 22 miles long, and a beach-resort area nestled on the east shore of Oneida Lake, along the historic Erie Canal. It offers sandy beaches, picnic areas, boating, camping, marinas, fishing and the Sylvan Beach Amusement Park. Oneida Lake is well known for its Walleyed Pike, Perch and Bass fisheries, and is a favorite spot for fishing enthusiasts.  The nearby Finger Lakes region, with its’ wineries, museums and 25 state parks is just a short drive from Oneida Lake. The market demand has been stable, however, the RevPar growth is healthy.  The RevPar for market grew by 8% between 2005 and 2007 while the property RevPar grew by 10%.  The projected revenue for 2008 is in excess of $1.3 million. 

The property has been managed by a management company and some of the operating expenses can be reduced with an experienced onsite owner operator. At an offering price of $3.9 million the property offers a significant opportunity to a new owner.  

The Oneida Lake market is an established market.  Although the property is located in a beach, resort area, surprisingly the demand starts from March and lasts until end of November.  This demand is created primarily by tourists, honeymooners, fishing enthusiasts etc.    

A wide selection of eating establishments and other amenities are nearby.

The property is served with public sewer, water, and gas. 

LOCATION:  The property address is 5552 Bartell Road, Brewerton, NY:13029. (I-81 North, Exit 31, Turn right. Hotel on left)

ADR AND OCCUPANCY:  The property occupancies are steady at app.57% while the ADR has been grew at healthy 10% between 2005 and 2007. Attached STR report and spreadsheets  describe the property historical operating data and its performance within the market.