Hotels for Sale

SpringHill Suites Erie, PA

Address:
Erie, Pennsylvania
Description:
  • Fee simple interest in an institutionally owned and third party managed 117-room SpringHill Suites Erie, offered at a discount to replacement cost
  • High yield investment with forecasted year one double-digit cash on cash returns
  • Property RevPAR of nearly $90 and strong in-place cash flow with approximately 33% operating margin
  • Available unencumbered of debt and third-party management with the ability to retain the SpringHill Suites brand for a new long-term license
  • Moderate change of ownership PIP anticipated with approximately $1.9MM ($16k/key) of CapEx spent¬†since 2015
  • Adjacent to Interstate-79 and proximate to US Route 19, with upwards of 55,000 vehicles passing the location daily
  • Within walking distance of numerous full-service nationally recognized restaurants
  • Optimal location just south of downtown Erie with easy accessibility to the Bayfront Convention Center, UPMC Hamot, GE Transportation, Erie Indemnity, Erie Insurance Arena, and UPMC Park
  • Ideal time to invest in Erie with upwards of $350MM of ongoing waterfront development downtown with the 29-acre Bayfront Place mixed use development and the 12-acre Harbor Place mixed use development

Listing Agents

Omari Head
T: 773.315.5704
Email

Brent Clemens
T: 312.239.0572
Email

Categories List:   

Send message to listing owner