Holliday Fenoglio Fowler, L.P. (“HFF”) and RealINSIGHT Marketplace, as exclusive advisor, are pleased to present the opportunity for qualified investors to acquire the leasehold interest in the 312-room, full-service hotel located in Albany, NY (the “Property” or “Hotel”). The Property was constructed in 1975 and consists of a 2-story interior-corridor hotel building and an attached 6-story interior-corridor hotel building. Guests benefit from a host of amenities including a complimentary breakfast, a restaurant, bar & lounge, business center, outdoor & indoor pools with a hot tub, fitness center, game room, guest pantry, guest laundry, and wireless high-speed internet. The Hotel also features 11,805 SF of meeting space and 6,187 SF of pre-function and other event space.
The Hotel is situated in a prime location within in Albany, the capital of New York, with close proximity to numerous retail and business drivers in the city. Within a one mile radius, there is over 965K SF of retail space and 1.6 MSF of office space. The Property is located directly off of I-87, boasting 98,907 VPD, and has frontage on Wolf Road, which has a traffic count of 29,000 VPD. Additionally, the Red Lion Hotel Albany is less than two-miles from the Albany International Airport, which sees an average of 180 daily commercial arrivals and departures.
This sale presents investors with a rare opportunity to acquire a franchised Hotel that has recently undergone substantial capital improvements in the State’s capital with strong market fundamentals.
SIGNIFICANT UPSIDE POTENTIAL
New ownership will have the opportunity to benefit from recent renovations at the Property by driving higher occupancy and ADR. As of June 2018, the Hotel
reported a trailing 12-month occupancy, ADR and RevPAR of 51%, $97 and $49, respectively. Comparatively to the Hotel’s competitive set, the subject reported a RevPAR penetration rate of just 66%, posing significant opportunity for a new investor to drive value.
The lack of management encumbrance will allow a new owner the flexibility to pursue an independent strategy with their preferred manager. Without management encumbrance, the Hotel will allow investors to align with preferred regional and national management companies.
HOST OF AMENITIES
Guests benefit from numerous amenities seen in the high-quality Red Lion brand. Included features and amenities include free airport shuttle, on-site restaurant and lounge, indoor and outdoor pools, whirlpool tub, fitness center, among many more.
IDEAL ALBANY LOCATION
Located less than 2-miles from the Albany International Airport, the Red Lion Hotel Albany provides convenient location for both business and leisure travelers. The Hotel is located directly off of I-87, which has a traffic count of 98,907 VPD, providing guests with quick access to Downtown Albany (6.0 miles). Guests benefit from a free shuttle to-and-from the airport and other nearby attractions within a two-mile radius.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
205 Wolf Road, Albany, NY 12205
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Ralph Passono, Jr.
c/o Fisher Auction Company Inc.