Listing Agents
Sean Banilivy
T | 516.456.7525
sbanilivy@paramountlodging.com
Brent Clemens
312.402.2959
bclemens@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee-simple interest in the institutionally-owned and third-party-managed 124-room Candlewood Suites Syracuse Airport
- Property is being offered unencumbered of debt and management with the ability to relicense with IHG Hotel & Resorts under a new long-term franchise agreement or convert to an alternative brand
- Significant operational upside upon completion of PIP and transfer to a more hands-on, regional ownership with strong operating economies
- Micron Technology recently announced the largest economic development project in the Syracuse region that will be situated less than 10 miles from the hotel; a 20-year, $100B Megafab development that will encompass 2.4M SF of commercial space and create over 50,000 jobs when complete; construction to begin in Q1 2024
- Extended-stay product are widely revered as recession-proof and remain a favorite investment sector amidst private and public investors
- Extended stay market outperformed all other lodging sectors amidst the COVID recovery and is ideally positioned for forward-looking growth
- Close proximity to various corporate demand generators, including Lockheed Martin, Amazon, National Grid, Carrier Corporation and SRC Inc. (HQ)
- Easily accessible to all local healthcare demand, including St. Joseph’s Hospital Health Center, Crouse Hospital and the State University of New York University Hospital
- Located near several prominent institutions of higher education, including Syracuse University, SUNY Upstate Medical University and Le Moyne College
- Positioned in close proximity to the region’s frequently visited leisure attractions, including Empower FCU Amphitheater at Lakeview, New York State Fairgrounds, Rosamond Gifford Zoo and Onondaga Lake
- Proximate to all broader Syracuse demand, including NBT Bank Stadium, Clinton Square, JMA Wireless Dome and Destiny USA Syracuse
- The hotel is situated less than two miles from Syracuse Hancock International Airport, which welcomed +1.3MM passengers in 2022 and was recently approved for a $20.0MM expansion and modernization of its terminals