Hotels for Sale

RED LION HOTEL ALBANY, NY

Address:
Albany, New York
Description:
  • Interest in the REO / bank owned and third party managed 312-room Red Lion Hotel Albany offered at a substantial discount to replacement cost
  • Property offered for individual sale in the October 2nd auction event, as part of a two-property bank-owned portfolio
  • Available unencumbered of debt and management, with Red Lion interested in relicensing the property, or buyer may pursue multiple rebranding options that are available for conversion
  • Significant operational upside following foreclosure process with non-regional borrower and absentee management, with a long-term leasehold interest of approximately 97-years to be conveyed
  • Within walking distance of numerous nationally recognized restaurant chains and other retail amenities within the Wolf Road commercial corridor
  • Readily accessible to all traffic along Interstate-87 and within the Albany Airport corridor, with upwards of 125,000 vehicles passing the location daily
  • Unique opportunity to invest in an economically stable state capital market with current unemployment rate of ~4.0%
  • Proximate to all primary area demand generators including the New York State Capital, General Electric, the Albany Nanotech Complex, Albany University, SUNY Polytechnic Institute Albany Campus, W. Averell Harriman State Office Building Campus, the Times Union Center, downtown Albany, Albany Capital Center Convention Center, and Albany International Airport
  • Optimal time to be investing the Albany Airport corridor with approximately $100MM worth improvements now underway to better improve capacity and accessibility to the approximately 3MM annual passengers, with passenger boardings up 20% over the past five years

Listing Agents

Omari Head
T: 773.315.5704
Email

Bennett Webster
T: 312.339.3698
Email

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