88 Rooms Wingate by Wyndham,

United States / New York City

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)

PROPERTY FACTS

Property Overview

Price$ 20,416,000
ID16
TypeHotel
Sold No
Contract Sale
StatusAvailable
Home area31617 sqft
MaterialBlock, 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

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