New Eight-Story Sixty-Six Key Branded Hotel Available ($24.4MM), Prime Corner in Heart of NYC Artistic Community
22k sf, 4,370sf lot, (.10-acre), 5 FAR, 66 Keys
This is a newly built eight-story sixty-six key branded hotel available for sale at cost ($24.4MM). The hotel is flagged with one of the top hotel companies in the world and therefore will generate consistent cash flows. The hotel brand is ranked in the top tier of NYC hotels for travelers by hotel ranking sites.
This hotel will operate under a 20-year franchise agreement with a 3%-5% annual franchise fee for the use of the global hotel brand. The hotel will be completed in June 2024 and features a restaurant, roof top bar/lounge, an athletic studio, a business center, and a market pantry. There is also an off-site parking garage.
The hotel is situated in a prime corner of one of the fasting growing neighborhoods in NYC. The hotel rooms have high quality air and light amenities and overlook one of the top artistic communities in NYC. It’s surrounded by restaurants, fitness clubs, supermarkets, hip bars and cafes; providing guests convenient access to entertainment and amenities. The property is conveniently located a few blocks away from multiple transit stations for easy access (10 minutes) to midtown Manhattan.
Hotel guests and investors alike will mutually benefit from the property’s close proximity to multiple luxury residential condo complexes which adds new residents and draws new retailers to the community. The hotel is within walking distance to a museum and waterfront park providing incredible views of NYC and outdoor recreational activities.
The property is ideal for long term investors who value the stability of branded income producing commercial assets in trendy NYC neighborhoods that still have plenty of upside potential. Hotel assets are terrific tax shelters and an alternative inflation hedge.
The hotel is appraised at $26.3MM, $398.5K per Key when stabilized
*The owner is willing to sell this hotel at around $24.4MM (Cost Approach).
Projected total annual revenue = $6.2MM, net annual income = $1.6MM / ADR = $232 / RevPAR = $186
Oxstones Real Estate, www.Oxstones.com CRE@Oxstones.com
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