Hotels for Sale

FAIRFIELD INN AND TOWNEPLACE SUITES ALBANY, NY

Address:
Albany, New York
Description:

UNDER CONTRACT

  • Leasehold interest in the institutionally owned and third party managed 99-room Fairfield Inn Albany University and 100-room TownePlace Albany University, offered at a substantial discount to replacement cost
  • Lender controlled assets were part of a larger portfolio foreclosure in 2017
  • Properties are being sold together offering buyers the opportunity to purchase both assets and capitalize on strong operating synergies and economies of scale in owning complexed Marriott hotels serving different sectors (extended stay and limited-service)
  • Available unencumbered of debt and third party management with the ability to retain the Fairfield Inn and TownePlace Suites brands for new long-term licenses
  • Significant operational upside following foreclosure process with very limited capital investment in property improvements in many years
  • Situated adjacent to Interstate 90 (New York State Thruway) with upwards of 120,000 cars passing the location daily
  • Adjacent to Albany University with current enrollment of approximately 19,000 students and Division I athletics programs, and within walking distance of the SUNY Polytechnic Institute Albany campus
  • Walking distance to the W. Averell Harriman State Office Building Campus with more than 3MM square feet of office space housing approximately 7,000 state employees
  • Approximately three-miles from downtown Albany and proximate to all regional demand including GE, IBM, Tokyo Electron, Samsung, the Empire State Capitol, the Albany Nanotech Complex, and Albany International Airport
  • Lessee can assign lease without consent of lessor

Listing Agents

Omari Head
T: 773.315.5704
Email

Phil Miller
T | 410.406.7259
NY Lic#40MI1074913

Categories List:         

Send message to listing owner