Residence Inn Binghamton, NY

UNDER CONTRACT

• Fee simple interest in the institutionally owned and third-party managed 72-room Residence Inn by Marriott Binghamton, NY
• Offered unencumbered by debt and management
• Ability to relicense with Marriott, with license term to be determined in discussions with brand
• PIP scope and cost expected to be reflective of and appropriate for available relicense term
• Located near the intersection in I-81 and the newly formed I-86 with upwards of 115,000 vehicles passing the area daily
• Adjacent to Binghamton University potentially allowing for ideal conversion to student housing or other alternative use and the Innovative Technologies Campus with a total student enrollment of 18,600 students in 2023
• Readily accessible to all neighboring healthcare demand including the 220-bed UHS Binghamton General Hospital and the 197-bed Our Lady of Lourdes Memorial Hospital Binghamton
• Proximate to all broader Binghamton and broader Broome County corporate demand including Lockheed Martin, BAE Systems, IBM, Universal Instruments, Samscreen, and Trivium Packaging
• Proximate to the region’s leisure attractions including Broome County Veterans Memorial Arena, Mirabito Stadium, Anderson Center for Performing Arts, Broom County Forum, and the Roberson Museum & Science Center
• Proximate several airports located within a 50-mile radius including the Greater Binghamton Airport, Ithaca Tompkins regional Airport, Elmira Corning Regional Airport, and the Wilkes-Barre/Scranton International Airport
• +$100 Revpar and strong in-place yield contributing the asset being readily financeable
• Prime opportunity to invest in Binghamton the broader Southern Tier of New York, where significant regional redevelopment including the New Energy New York project—designated by the federal government as a central hub for battery innovation