Red Roof Inn Austinburg Ashtabula
118 Room Hotel | Austinburg, OH 44010 | $4,760,000 ($40,339/Room)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,760,000
- Property Type
-
Hospitality
- Square Feet
- 62,376 SF
Listing Contacts
Raj Mahendra
Verified Profile
- Property Info
Property Overview
INVESTMENT HIGHLIGHTS
• 119 Units. Priced way below Appraised value
• Prime Location in Ohio just 1 hour East of Cleveland
• Current Owner's PIP Completed
• Interior Corridor Hotel
• Direct Access to and Excellent Visibility from Interstate 90
• High growth potential for Owner/Operator
EXECUTIVE SUMMARY
The Red Roof Inn – Austinburg-Ashtabula OH is a 119-unit, two story interior corridor hotel in Northeast Ohio, just 1hour East of Cleveland on Interstate 90. It is a prime location between Cleveland Ohio and Erie PA with excellent access to and visibility from the Interstate. Current owner has spent 1 million on renovations. The Owner has completed the PIP that was required of him. Fully Renovated hotel with everything new in the rooms. New Carpet and lighting in the hallways, New Roof etc. The hotel is located across Flying J truck Stop and less than 1/4th mile from Pilot truck Stop. Less than 5 miles from Geneva On the Lake (Lake Erie). 5 miles from Spire Sports Academy
There is a 1-bed 1-bathroom manager's quarters including a kitchen and living room upstairs.
Popular Demand Generators nearby Spire Sports Academy (Paralympic Sports Center, Geneva On the Lake (Popular Tourist Site), Grand River Academy, Covered Bridges, Wine Tours, Multimillion Dollar Pig Iron Plant, Kent State University, Jefferson Fairgrounds and many more.
The property is situated on 10 Acres of land withopportunity and demand to build 2 more hotels.
Property is for Sale by Owner. NO BROKERS PLEASE. DIRECT BUYERS ONLY.
EMPLOYEES ARE NOT AWARE OF THE SALE. PLEASE DO NOT CALL THE HOTEL OR VISIT WITHOUT EXPLICT PERMISSION FROM THE OWNER.
PROPERTY FACTS
Price Per Room: $ 40,000- Priced below appraised value and replacement cost.
Sale Type Investment
Property Type Hospitality
Property Subtype Hotel
Lot Size 10 Acres
No. Rooms 119
No. Stories 2
Year Built 1963
Corridor: Interior
Reason Sale: Owner Retiring and moving out of country.
• Bar onsite- Fully operational
• Full Equipped commercial Kitchen.
• High Speed Internet Access
• Public Access Wi-Fi
• 3 Large Banquet Halls. Can hold upto 200 People
• 1 Board/Meeting Room
• 119 Units. Priced way below Appraised value
• Prime Location in Ohio just 1 hour East of Cleveland
• Current Owner's PIP Completed
• Interior Corridor Hotel
• Direct Access to and Excellent Visibility from Interstate 90
• High growth potential for Owner/Operator
EXECUTIVE SUMMARY
The Red Roof Inn – Austinburg-Ashtabula OH is a 119-unit, two story interior corridor hotel in Northeast Ohio, just 1hour East of Cleveland on Interstate 90. It is a prime location between Cleveland Ohio and Erie PA with excellent access to and visibility from the Interstate. Current owner has spent 1 million on renovations. The Owner has completed the PIP that was required of him. Fully Renovated hotel with everything new in the rooms. New Carpet and lighting in the hallways, New Roof etc. The hotel is located across Flying J truck Stop and less than 1/4th mile from Pilot truck Stop. Less than 5 miles from Geneva On the Lake (Lake Erie). 5 miles from Spire Sports Academy
There is a 1-bed 1-bathroom manager's quarters including a kitchen and living room upstairs.
Popular Demand Generators nearby Spire Sports Academy (Paralympic Sports Center, Geneva On the Lake (Popular Tourist Site), Grand River Academy, Covered Bridges, Wine Tours, Multimillion Dollar Pig Iron Plant, Kent State University, Jefferson Fairgrounds and many more.
The property is situated on 10 Acres of land withopportunity and demand to build 2 more hotels.
Property is for Sale by Owner. NO BROKERS PLEASE. DIRECT BUYERS ONLY.
EMPLOYEES ARE NOT AWARE OF THE SALE. PLEASE DO NOT CALL THE HOTEL OR VISIT WITHOUT EXPLICT PERMISSION FROM THE OWNER.
PROPERTY FACTS
Price Per Room: $ 40,000- Priced below appraised value and replacement cost.
Sale Type Investment
Property Type Hospitality
Property Subtype Hotel
Lot Size 10 Acres
No. Rooms 119
No. Stories 2
Year Built 1963
Corridor: Interior
Reason Sale: Owner Retiring and moving out of country.
• Bar onsite- Fully operational
• Full Equipped commercial Kitchen.
• High Speed Internet Access
• Public Access Wi-Fi
• 3 Large Banquet Halls. Can hold upto 200 People
• 1 Board/Meeting Room
Property Details
- Class
- C
- Year Built/Renovated
- 1963/2023
- Stories
- 2
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 435,600 SF
- Units
- 118
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