Description
EXECUTIVE SUMMARY
We are pleased to offer for sale two (2) newly constructed limited-service hotels in the Far Rockaway section of Queens. . The two semi-attached properties are comprised of 146 rooms and are located just 6 miles from JFK International Airport. The property is situated in the heart area recently selected to be a $139 million project to renew and revitalize downtown Far Rockaway streets and infrastructure, and are moments away from the highly anticipated public spaces that are being redeveloped. The hotels are presently operating under two management contracts with Best Western and Wingate by Wyndham. The terms of the agreements have an agreed-upon end date and offer an exit option at a reasonable cost. There is a 25-year ICAP tax abatement in place that makes this a highly attractive investment from the start.
Ownership completed construction in 2018 and has recently opened both hotels for occupancy in September 2019. Within four months, the hotels have achieved an average daily rate (ADR) above $110. Additionally, there is ample free parking, a business lounge, a fitness center, free Wi-Fi.
This offering represents a unique opportunity to acquire two brand new hospitality assets with a very limited competitive set in a burgeoning Queens location.
Price: $33,900,000 ($232,000/Key)
Ownership completed construction in 2018 and has recently opened both hotels for occupancy in September 2019. Within four months, the hotels have achieved an average daily rate (ADR) above $110. Additionally, there is ample free parking, a business lounge, a fitness center, free Wi-Fi.
This offering represents a unique opportunity to acquire two brand new hospitality assets with a very limited competitive set in a burgeoning Queens location.
Price: $33,900,000 ($232,000/Key)
PROPERTY FACTS
Price | $20,416,000 | Average Daily Rate | $110.00 |
Price Per Room | $232,000 | No. Rooms | 88 |
Sale Type | Investment | No. Stories | 5 |
Property Type | Hospitality | Year Built | 2019 |
Property Subtype | Parking Ratio | 0.63/1,000 SF | |
Building Class | B | Corridor | Interior |
Lot Size | 0.69 AC | Opportunity Zone | Yes |
Building Size | 31,617 SF |
Property Overview
Price | $ 20,416,000 |
ID | 16 |
Type | Hotel |
Sold | No |
Contract | Sale |
Status | Available |
Home area | 31617 sqft |
Material | Block, Brick |
Position
Amenities
- Air conditioning
- Balcony
- Bedding
- Cable TV
- Cleaning after exit
- Cofee pot
- Computer
- Cot
- Dishwasher
- DVD
- Fan
- Fridge
- Grill
- Hairdryer
- Heating
- Hi-fi
- Internet
- Iron
- Juicer
- Lift