SpringHill Suites Pittsburgh Washington
86 Room Hotel | Washington, PA 15301 | $5,900,000 ($68,605/Room) | 9.58% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $5,900,000
- Property Type
-
Hospitality
- Square Feet
- 50,292 SF
Listing Contacts
Subhash Naik
Verified Profile
- Property Info
Property Overview
Hotel Brokers of America is excited to offer the SpringHill Suites Pittsburgh Washington, PA an 86-room upscale hotel that falls under the renowned Marriott International brand. This franchised hotel was originally built in February 2000 and is currently mid-PIP. The seller has completed much of the renovation of the rooms and ordered most of the items for the rooms. While the buyer will need to complete the lobby and public space.
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Highlights & Location:
*The Hotel is priced to sell at $5,900,000 plus an estimated $600,000 remaining PIP or ($75,000 per room PIP Complete).
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*Once the PIP is fully completed, the new owner should see a big growth in Occupancy and ADR.
**The December 2023 STR shows an occupancy rate of 39.5%, which is approximately 8 percentage points below the market average of 47.5% at an ADR of $99.43, which is in line with the comp set.
***But it should be significantly higher once the PIP is complete. We project that the hotel will have a 55% occupancy at $114 ADR generating over $2,000,000 in revenue and delivering strong profits for the buyer.
*The Seller purchased the hotel in August 2022 and completed the design aspect of the Property improvement plan from Marriott.
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*The Exterior paint, room paint, and flooring are complete. To do this, rooms had to be taken out of order hence the dip in occupancy in 2023.
**All the rooms FF&E have been ordered and are in transit. The Buyer will need to complete the bathrooms, lobby, and public space. (Details are in the OM).
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*The hotel is absentee managed as the Seller lives in Dallas, he purchased the hotel as part of a 1031 exchange, but the owner is finding it too difficult to manage remotely, not being able to control sales and expenses hence the sale.
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Pennsylvania Broker of Record:
Brian Brockman
[email protected]
PA DRE RM432816
Bang Realty-Pennsylvania Inc
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*
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Highlights & Location:
*The Hotel is priced to sell at $5,900,000 plus an estimated $600,000 remaining PIP or ($75,000 per room PIP Complete).
*****
*Once the PIP is fully completed, the new owner should see a big growth in Occupancy and ADR.
**The December 2023 STR shows an occupancy rate of 39.5%, which is approximately 8 percentage points below the market average of 47.5% at an ADR of $99.43, which is in line with the comp set.
***But it should be significantly higher once the PIP is complete. We project that the hotel will have a 55% occupancy at $114 ADR generating over $2,000,000 in revenue and delivering strong profits for the buyer.
*The Seller purchased the hotel in August 2022 and completed the design aspect of the Property improvement plan from Marriott.
*****
*The Exterior paint, room paint, and flooring are complete. To do this, rooms had to be taken out of order hence the dip in occupancy in 2023.
**All the rooms FF&E have been ordered and are in transit. The Buyer will need to complete the bathrooms, lobby, and public space. (Details are in the OM).
*****
*The hotel is absentee managed as the Seller lives in Dallas, he purchased the hotel as part of a 1031 exchange, but the owner is finding it too difficult to manage remotely, not being able to control sales and expenses hence the sale.
*
*
*
Pennsylvania Broker of Record:
Brian Brockman
[email protected]
PA DRE RM432816
Bang Realty-Pennsylvania Inc
Property Details
- Class
- B
- Year Built/Renovated
- 2000/2012
- Stories
- 4
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 84,506 SF
- Units
- 86
Highlights
- Priced to sell at $5,900,000
- ($75,000 per room Inc. PIP)
- High Upside Potential
- Extended Stay/All Suites
- Absentee Owner
- Exterior & Partial Rooms PIP Completed (details in OM)
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