This property is Off-Market

2431 Cleveland Avenue
Fort Myers, FL 33901 ·

122 Rooms · Hotel & Motel For Sale

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Holiday Inn - Downtown/Historic

Price N/A Property Use Type Investment
No. Rooms 122 No. Stories 4
Building Size 68,588 SF Year Built 1991
Property Type Hotel & Motel Lot Size 3.58 AC
Property Sub-type Full Service Parking Ratio 1.33 / 1,000 SF
Listing ID: 16863439 Date Created: 10/07/2010 Last Updated: 05/27/2011

Description

GUESTROOMS: The hotel contains 122 guestrooms. The guestrooms are upscale and typically feature flat-panel televisions with cable, executive desk with ergonomic chair, high-speed wireless Internet access, dual-line telephones, large credenzas and three-fixture bathrooms.

FUNCTION SPACE: The Holiday Inn features approximately 2,500 square feet of function space. Key features of this function space include one ballroom and a dedicated boardroom.

FOOD & BEVERAGE OUTLETS: The hotel features two food and beverage outlets, comprised of a restaurant and lounge.

OTHER FEATURES & AMENITIES: Other features present at the hotel include a business center, a fitness center and an outdoor swimming pool.

EMPLOYMENT: Lee County is home to a several corporations, the most well-know of which are Chico' s FAS and Rob & Stuckey. In addition, the area has a budding biotech industry including Tigris Pharmaceuticals, Greystone Pharmaceuticals, NeoGenomics, Acology and Ecological Laboratories.

TOURISM: According to the Lee County Visitor and Convention Bureau, there were 4.7 million visitations to Lee County in 2009, down just -0.9% from 2008. The most popular tourist activities in the area are going to the beaches, relaxing, dining, swimming and shopping. Tourists spent $2.6 billion in 2009.

SOUTHWEST FLORIDA INTERNATIONAL AIRPORT: The airport is served by 20 carriers that provide non-stop connections to 44 feeder markets, including three international destinations. The airport has several ongoing facilities improvement projects totaling $57 million. Long-range plans include the construction of a 9,100 foot parallel runway. This $471 million project is to be design ready by 2015, with construction to start sometime thereafter. Year to date, total passenger traffic is down just 0.8% from the same period last year.

Highlights

  • Seller is undertaking the Holiday Inn relaunch improvements
  • Acquisition cost well below replacement cost
  • Excellent, centralized location
  • Ability to retain the current brand affiliation
  • Unencumbered by management
  • Significant upside potential through the ability to improve RevPAR

Research

2431 Cleveland Avenue, Fort Myers, FL 33901 (Lee County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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