Homewood Suites by Hilton Rochester Greece

Besen Partners is delighted to present the fee-simple interest in the Homewood Suites by Hilton Rochester/Greece for sale. This full-service asset, located at 400 Center Place Drive, Rochester, NY 14615, features 95 keys across 5 stories with interior corridors. Built in 2009 and renovated in 2022, the hotel offers an array of amenities, including an indoor pool, games room, full-service lounge/bar, and BBQ grills. Two meeting rooms, spanning 575 SF and 338 SF, are available, accommodating up to 40 guests. The property has undergone extensive renovations, presenting a modern and refreshed appeal. Investors have the opportunity to streamline and reduce expenses on room and F&B through their independent management team. This offering presents a compelling investment opportunity in a well-equipped and renovated hospitality asset.
Asking Price: Ownership Requests Proposals
INVESTMENT HIGHLIGHTS:
Potential for Expense Optimization: Investors have an opportunity to streamline and potentially reduce room expense through their own management strategies, further enhancing profitability.
Recent Renovations: The property has undergone extensive renovations, ensuring major aspects of the PIP have been attended to. A PIP was done in 2021/2022. The cost to complete the remaining PIP is approximately $800,000.
Strategic Location: The property offers easy access to major highways and cities like Buffalo and Syracuse. A mere 10-minute drive from the airport, its location caters to both business and leisure travelers. Proximity to corporate offices enhances its appeal in the Rochester hospitality market.
Positive Market Trends: Rochester’s hospitality sector is witnessing a positive upswing, marked by increased occupancy rates up from 59% post covid to 66.1% in 2023. Along with occupancy, RevPAR has also seen a healthy growth from $85 to $101. The city’s resilience and outperformance compared to neighboring markets underscore its growing appeal to visitors, creating a robust outlook for the local hospitality industry.
High Occupancy Rate: The hotel boasts an occupancy rate of 83.4%, demonstrating its appeal and consistent demand in its location.
Room for Performance Enhancement: Currently, as an owner operated asset, there is significant room to improve revenue management, existing STR analysis shows excessively high MPI% indicating room to increase all property level fundamentals.

Occupancy – 117.4%
ADR – 115.1%
RevPAR – 135.1%