PARKWAY INN Vestal, NY 58 Rooms

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Domenic Porter
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1 PARKWAY INN Vestal, NY 58 Rooms Parkway Inn MTEL Consultants MTEL Consultants

2 Parkway Inn 58 Rooms Vestal, NY EXECUTIVE SUMMARY OPPORTUNITY: This independent property is ideal for an onsite owner operator. It consists of three buildings with a total of 58 guest rooms. The owners living quarters are on the site with 3 bedrooms + Living Room and Kitchen. The property provides an excellent value for tourist and low to medium end corporate business travelers. State University of NY provides large amount of business during graduation, homecoming, orientation function etc. Federal energy regulators have approved a pipeline project designed to bring cheap Marcellus Shale natural gas from Pennsylvania through Broome County. This project should generate a significant room demand from contractors working on this project. We expect that the Governor of New York will sign the bill soon. The demand due to this development may continue for next several years in the Broome County. The Parkway Inn has been and will be the contractors first choice for overnight and extended stay accommodations. The real estate values in the area have grown significantly in last few years. Based on the comparable land sales (app. $ $750,000 per acre) the land value itself is nearly $ 1 million. The current owner is demotivated due to family reason and wants to sell. For an owner operator (retired couple) the property can provide good cash flow. The property offers a great upside potential if new owners invest a minimal capital investment to refresh the rooms and its amenities. At the offering price, the property provides a significant opportunity to a new owner. Due to personal reasons, the Seller is motivated to sale. The property was a Rodeway Inn. However to increase the profitability, the ownership decided to make the property independent in 2005 which resulted in higher profits. The property although an independent motel, it provides all of the amenities of an economy brand franchised property. LOCATION: The property address is 900 Vestal Parkway East, Vestal, NY: The property is centrally located to major demand generators such as State University of New York (SUNY), Lockheed Martin (Aerospace Giant), BC Open PGA Golf course, Finger lakes region, wineries and scenic routes (fall foliage), state parks for hunting etc. Vestal is linked from the west primarily by New York State Highway 17, which is under development to become Interstate 86. The property is easily accessible from I-81 and heavily traveled state route 17. In addition Vestal is a part of the greater Binghamton. Downtown Binghamton is within eight miles of the property. The Forum Theatre, Municipal Stadium, and Ross Park Carousel, Cornell University, Cayuga Lake, and the Six Mile Creek Vineyard are all within a 45-mile radius. Downtown Syracuse is 80 miles away. The Greater Binghamton Airport is app. 14 miles from the motel. Parkway Inn MTEL Consultants MTEL Consultants

3 PROPERTY INFORMATION: The current ownership has been maintaining the property. New roof was installed in The property consists of three buildings. There are 38 double/double rooms, 4 King rooms, 6 Queen rooms and 10 Kitchenettes for extended stay market segment. All 58 guestrooms are equipped with free high speed wireless internet access, cable TV with pay per view movies, ILCO electronic door locks etc. Many rooms are equipped with microwave and refrigerators. Mitel SX-50 telephone system with auto attendant and call accounting etc. makes this property comparable to many of the franchised motels. Like many other franchised motels, the Parkway Inn provides complimentary breakfast, and newspaper in the lobby, a seasonal outdoor pool etc. An onsite restaurant, California Bar and Grill, a number of other eating establishments and most other desirable amenities are within walking distance of the property. ACRES: 1.62 acre +/-, Conforming use. FIXED COSTS: Real Estate Property taxes app. $38,000 Insurance app. $12,000. FINANCIALS: Cash Flow $ 247, , , , , , ,899 % Occup $ ADR PRICE: $ 1.100,000 COST PER ROOM: $19,000 FINANCING: A local credit union is willing to finance the project for a new qualified purchaser. Parkway Inn MTEL Consultants MTEL Consultants

4 LOCATION Parkway Inn MTEL Consultants MTEL Consultants

RED ROOF INN LACKLAND 6861 W US Highway 90 San Antonio, TX 78227

RED ROOF INN LACKLAND 6861 W US Highway 90 San Antonio, TX 78227 6861 W US Highway 90 San Antonio, TX 78227 1 EXECUTIVE SUMMARY VITAL DATA 2016 YEAR 1 Net Operating Income $382,858 $670,797 Loan Type All Cash Total Return 0.00% / $382,858 0.00% / $670,797 Ownership