PRIVATE SALE: Profitable 150 room Holiday Inn Hotel, Ohio

Details

Description

** REDUCED BY AN INCREDIBLA $600,000

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Address: 383 East Leffel Lane
City: Springfield
State: OH
Zip: 45505
Country: USA

Price: $4,400,000
Floors: 2
Beds: 150
Lot Size: 7 acres
Annual Property Tax: 60,000

Full Description: Here are details of the 150-room hotel (Holiday Inn) in Springfield, OH. Total income is $2.1 mill (approx. $1.4 million from rooms and $700k from world class restaurant where Jessie Jackson and his 400 member entourage had a bash recently) and price acceptable is $4.5 million. The replacement cost is likely to exceed $16 million. At 30K per room, it is a great price for fast closing. For a genuine buyer, inspection can be arranged at any time with or without owner present. Around $600k is being invested in total renovation, which will be complete at the time of closing or within an agreed time (most of the work is already completed). An addition use may be that of an assisted Living facility or a nursing Home where subject to market studies, there is possibility of realizing a return well in access of $6 million per annum, pushing the valuation to perhaps $30 million or more. Owing to the distance from home and family in Long Island,NY, the owner is interested in selling it. The package comes complete with 7 acres of prime land, leaving 2 plus acres of developable land for more rooms or a custom home for the owner (hotel and 250 or so car parking take up almost 5 of the 7 acres). For a foreign buyer with a favourable exchange rate this property can bring additional dividends. The room sizes are around 300 sq. ft. each which is large. Taxes are $60,000 but going down to $45,000 through an appeal process. This hotel is located in the revitalized corridor of St.Rt. 72 and I-70 at Exit 54. The Holiday Inn is the closest hotel to Cedarville University and offers special rates for parents and students. We are a host hotel for Wittenberg University, Urbana University, Clark State and nearby Wright State University. The Holiday Inn warmly welcomes families for student orientation, parents? weekend and homecoming. When in Springfield visit the historic Wescott House the only Frank Lloyd Wright prairie style house in Ohio. Springfield is one of the largest antique areas in the country with the Antique and Flea Market at the Clark County Fairgrounds just minutes from the hotel. If you love antiques, don?t miss tßvF monthly event that has been showcased in Country Living and Country Home. If you love Golf, Springfield Country Club is close by. The fairgrounds hosts one of the largest Cars & Parts Swap Meet in the area and is home to the Champions Center for the largest horse shows in the country. Springfield is home to Competition Accessories, Mid-Ohio Harley-Davidson and Buck Creek State Park for year round family fun. Minutes from Wright Patterson AFB and the historic museum and IMAX theatre. At the Holiday Inn relax in our large indoor pool and holidome with family activities. Enjoy dining in the Atrium Café for breakfast or dinner and Crazy Joe?s Bar for nightly happy hour and weekend entertainment. Here is some additional but very useful information on this deal: The sales of $2.1million and running costs around $1.1 Million. The gross profit in the region of $1million. % of 7 Acres occupied and the remaining 2 acres can be used for addition facilities, or additional rooms or many other functions (just needs imagination). The franchise is valid to April 2010 as Holiday Inn now wants to concentrate on brand new developments. But you can operate the Hotel in your own company name or better, go to one of the other big boys in Hotel business (such as Clarion, Quality and Best Western). This ending of the franchise in my opinion is a blessÍ·øUin disguise. Please note all above in good faith. Do your own due diligence and enquiries. I believe it is a superb deal in right hands. If a Hotel is what you are looking for, it will be wise to give this deal due consideration.....you are highly unlikely to be disappointed. Prefer to deal with the principals/end buyers directly so Agents and brokers please excuse.

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