AN HFF EXCLUSIVE OFFERING - LoopNet...frontage on Wolf Road, which has a traffic count of 29,000...
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ADDITIONAL CONTACTS SEAN RYAN TOM HALL PATRICK ARNOLD STEPHEN SCHWALB Managing Director Managing Director Director Associate (469) 232.1931 (212) 209.4501 (404) 942.2205 (469) 221.7777 sryan@hfflp.com thall@hfflp.com parnold@hfflp.com sschwalb@hfflp.com KYLE SHAFFER WILL HARRINGTON Analyst Analyst (469) 232.1903 (212) 209.4511 kshaffer@hfflp.com wharrington@hfflp.com BROCK CANNON STEPHEN VAN LEER KC PATEL RORY SHEPARD Managing Director Associate Senior Director Director (212) 632.1808 (212) 632.1824 (212) 632.1814 (212) 209.4506 bcannon@hfflp.com svanleer@hfflp.com kpatel@hfflp.com rshepard@hfflp.com MARKETING TEAM LOCAL HOTEL ADVISOR FINANCING CONTACT AN HFF EXCLUSIVE OFFERING Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the opportunity for qualified investors to acquire the leasehold interest in the 312-room, full-service hotel located in Albany, NY (the “Property” or “Hotel”). The Property was constructed in 1975 and consists of a 2-story interior-corridor hotel building and an attached 6-story interior-corridor hotel building. Guests benefit from a host of amenities including a complimentary breakfast, a restaurant, bar & lounge, business center, outdoor & indoor pools with a hot tub, fitness center, game room, guest pantry, guest laundry, and wireless high-speed internet. The Hotel also features 11,805 SF of meeting space and 6,187 SF of pre-function and other event space. The Property was originally branded as a Holiday Inn, but following its most recent renovation it has since been re- branded a Red Lion Hotel as of February 2018. The Hotel is situated in a prime location within in Albany, the capital of New York, with close proximity to numerous retail and business drivers in the city. Within a one-mile radius, there is over 965K SF of retail space and 1.6 MSF of office space. The Property is located directly off of I-87, boasting 98,907 VPD, and has frontage on Wolf Road, which has a traffic count of 29,000 VPD. Additionally, the Red Lion Hotel Albany is less than two-miles from the Albany International Airport, which sees an average of 180 daily commercial arrivals and departures. This sale presents investors with a rare opportunity to acquire a franchised Hotel that has recently undergone substantial capital improvements in the State’s capital with strong market fundamentals. PROPERTY DESCRIPTION City, State Albany, New York Guest Rooms 312 Gross Building Area 278,411 SF Year Built 1975 Stories 2 & 6 Parking 622 Parking Spaces Parking Ratio 2.23 Space Per 1,000 Square Feet PROPERTY FINANCIALS: 12 MONTHS ENDING JUNE 2018 Occupancy 50.8% ADR $96.79 REVPAR $49.18 Revenue $8,039,376 NOI $1,517,426 » PROPERTY TOUR INFORMATION All property tours will be conducted by HFF as per the dates shown below, between the hours of 9:00AM and 5:00PM EST. Please contact Stephen Van Leer to schedule your appointment. Tour Option 1 Wednesday, September 19th Tour Option 2 Thursday, September 20th ADD DATE REMINDER TO YOUR CALENDAR ADD DATE REMINDER TO YOUR CALENDAR » CONFIDENTIALITY AGREEMENT ELECTRONICALLY SIGN CONFIDENTIALITY AGREEMENT DOWNLOAD CONFIDENTIALITY AGREEMENT 312-room, full-service hotel located in Albany, New York RED LION HOTEL ALBANY » INVESTMENT HIGHLIGHTS HOST OF AMENITIES Guests benefit from numerous amenities seen in the Red Lion brand. Included features and amenities include free airport shuttle, on-site restaurant and lounge, indoor and outdoor pools, whirlpool tub, fitness center, among many more. IDEAL ALBANY LOCATION Located less than 2-miles from the Albany International Airport, the Red Lion Hotel Albany provides convenient location for both business and leisure travelers. The Hotel is located directly off of I-87, which has a traffic count of 98,907 VPD, providing guests with quick access to Downtown Albany (6.0 miles). Guests benefit from a free shuttle to-and-from the airport and other nearby attractions within a two-mile radius. MANAGEMENT FLEXIBILITY The lack of management encumbrance will allow a new owner the flexibility to pursue an independent strategy with their preferred manager. Without management encumbrance, the Hotel will allow investors to align with preferred regional and national management companies. THE CAPITAL OF NEW YORK Best known as New York State’s Capital City, Albany has a deep-rooted heritage drawing a large tourist base. Visitor’s come to Albany for rich history monuments including New York State Capitol, Albany Institute of History & Art, and the New York State Museum, to name a few. As the capital region, the area sees many groups and travelers come to the area to participate and host State events. The Hotel is able capitalize on this with over 11,805 SF of meeting space and 6,187 SF of pre-function and event space. SIGNIFICANT UPSIDE POTENTIAL New ownership will have the opportunity to benefit from recent renovations at the Property by driving higher occupancy and ADR. As of June 2018, the Hotel reported a trailing 12-month occupancy, ADR and RevPAR of 51%, $97 and $49, respectively. Comparatively to the Hotel’s competitive set, the subject reported a RevPAR penetration rate of just 66%, posing significant opportunity for a new investor to drive value.
Transcript of AN HFF EXCLUSIVE OFFERING - LoopNet...frontage on Wolf Road, which has a traffic count of 29,000...
ADDITIONAL CONTACTS
SEAN RYAN TOM HALL PATRICK ARNOLD STEPHEN SCHWALBManaging Director Managing Director Director Associate(469) 232.1931 (212) 209.4501 (404) 942.2205 (469) [email protected] [email protected] [email protected] [email protected]
KYLE SHAFFER WILL HARRINGTONAnalyst Analyst(469) 232.1903 (212) [email protected] [email protected]
BROCK CANNON STEPHEN VAN LEER KC PATEL RORY SHEPARDManaging Director Associate Senior Director Director(212) 632.1808 (212) 632.1824 (212) 632.1814 (212) [email protected] [email protected] [email protected] [email protected]
MARKETING TEAM LOCAL HOTEL ADVISOR FINANCING CONTACT
AN HFF EXCLUSIVE OFFERING
Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the opportunity for qualified investors to acquire the leasehold interest in the 312-room, full-service hotel located in Albany, NY (the “Property” or “Hotel”). The Property was constructed in 1975 and consists of a 2-story interior-corridor hotel building and an attached 6-story interior-corridor hotel building. Guests benefit from a host of amenities including a complimentary breakfast, a restaurant, bar & lounge, business center, outdoor & indoor pools with a hot tub, fitness center, game room, guest pantry, guest laundry, and wireless high-speed internet. The Hotel also features 11,805 SF of meeting space and 6,187 SF of pre-function and other event space. The Property was originally branded as a Holiday Inn, but following its most recent renovation it has since been re-branded a Red Lion Hotel as of February 2018.
The Hotel is situated in a prime location within in Albany, the capital of New York, with close proximity to numerous retail and business drivers in the city. Within a one-mile radius, there is over 965K SF of retail space and 1.6 MSF of office space. The Property is located directly off of I-87, boasting 98,907 VPD, and has frontage on Wolf Road, which has a traffic count of 29,000 VPD. Additionally, the Red Lion Hotel Albany is less than two-miles from the Albany International Airport, which sees an average of 180 daily commercial arrivals and departures.
This sale presents investors with a rare opportunity to acquire a franchised Hotel that has recently undergone substantial capital improvements in the State’s capital with strong market fundamentals.
PROPERTY DESCRIPTION
City, State Albany, New York
Guest Rooms 312
Gross Building Area 278,411 SF
Year Built 1975
Stories 2 & 6
Parking 622 Parking Spaces
Parking Ratio 2.23 Space Per 1,000 Square Feet
PROPERTY FINANCIALS: 12 MONTHS ENDING JUNE 2018
Occupancy 50.8%
ADR $96.79
REVPAR $49.18
Revenue $8,039,376
NOI $1,517,426
» PROPERTY TOUR INFORMATION
All property tours will be conducted by HFF as per the dates shown below, between the hours of 9:00AM and 5:00PM EST. Please contact Stephen Van Leer to schedule your appointment.
Tour Option 1 Wednesday, September 19th
Tour Option 2 Thursday, September 20th
ADD DATE REMINDER TO YOUR CALENDAR
ADD DATE REMINDER TO YOUR CALENDAR
» CONFIDENTIALITY AGREEMENT
ELECTRONICALLY SIGN CONFIDENTIALITY AGREEMENT
DOWNLOAD CONFIDENTIALITY AGREEMENT
312-room, full-service hotel located in Albany, New York
RED LION HOTEL ALBANY
» INVESTMENT HIGHLIGHTS
HOST OF AMENITIES
Guests benefit from numerous amenities seen in the Red Lion brand. Included features and amenities include free airport shuttle, on-site restaurant and lounge, indoor and outdoor pools, whirlpool tub, fitness center, among many more.
IDEAL ALBANY LOCATION
Located less than 2-miles from the Albany International Airport, the Red Lion Hotel Albany provides convenient location for both business and leisure travelers. The Hotel is located directly off of I-87, which has a traffic count of 98,907 VPD, providing guests with quick access to Downtown Albany (6.0 miles). Guests benefit from a free shuttle to-and-from the airport and other nearby attractions within a two-mile radius.
MANAGEMENT FLEXIBILITY
The lack of management encumbrance will allow a new owner the flexibility to pursue an independent strategy with their preferred manager. Without management encumbrance, the Hotel will allow investors to align with preferred regional and national management companies.
THE CAPITAL OF NEW YORK
Best known as New York State’s Capital City, Albany has a deep-rooted heritage drawing a large tourist base. Visitor’s come to Albany for rich history monuments including New York State Capitol, Albany Institute of History & Art, and the New York State Museum, to name a few. As the capital region, the area sees many groups and travelers come to the area to participate and host State events. The Hotel is able capitalize on this with over 11,805 SF of meeting space and 6,187 SF of pre-function and event space.
SIGNIFICANT UPSIDE POTENTIAL
New ownership will have the opportunity to benefit from recent renovations at the Property by driving higher occupancy and ADR. As of June 2018, the Hotel reported a trailing 12-month occupancy, ADR and RevPAR of 51%, $97 and $49, respectively. Comparatively to the Hotel’s competitive set, the subject reported a RevPAR penetration rate of just 66%, posing significant opportunity for a new investor to drive value.
