This property is Off-Market
2431 Cleveland Avenue
Fort Myers, FL 33901 ·
122 Rooms · Hotel & Motel For Sale
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|
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.
- 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
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