24058 Sussex Hwy, Seaford, DE 19973
81 Room Hotel | Seaford, DE 19973 | For Sale
For Sale
Active
35 pictures
- Date Added:
- September 16, 2024
- Days on Market:
- 13 days
- Property Type
-
Hospitality
- Square Feet
- 32,906 SF
Listing Contacts
Prashant Merchant
Verified Profile
Nic Wade
Verified Profile
Luke McKown
Verified Profile
- Property Info
Property Overview
Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view the information by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.
Colliers is please to present to qualified investors, on an exclusive basis, the Former Holiday Inn Express (hereafter, “the property” or “the hotel”) in Seaford, DE. The property is an 81-key, one-building, four-story, limited-service hotel located on1.46 acres and offered with fee-simple interest. The property operated as an independent in 2019 and was shut down in 2020. The hotel is in non-operational condition and will require a significant renovation to re-open. Prospective purchasers should evaluate the hotel’s value strictly on a price-per-key or pro-forma projection basis. The property is located off Route 13.
The hotel was historically operated as a Holiday Inn Express until 2019, prior to becoming an independent in 2020 and shutting down during the COVID-19 pandemic. While the property was closed, a pipe busted. The building has been gutted, cleaned, and dried.
A STR Trends Report for a realistic competitive set of midscale and upper midscale hotels of similar structure and market positioning has been provided for prospective purchasers to build a pro-forma schedule of ADR and Occupancy projections. This competitive set is made up of Quality Inn & Suites Georgetown-Seaford, Hampton Inn Seaford, Comfort Suites Seaford, and Holiday Inn Express & Suites Salisbury Delmar.
-In 2021, the competitive set showed an ADR of $125.08 and Occupancy of 69.50% for RevPAR of $86.93. Translated to 81 operational rooms, the Former Holiday Inn Express in Seaford would have showed a room revenue $2,570,085 with $86.93 RevPAR.
-In 2022, the competitive set showed an ADR of $128.83 and Occupancy of 67% for RevPAR of $86.32. Translated to 81 operational rooms, the Former Holiday Inn Express in Seaford would have showed a room revenue of $2,552,051 with $86.32 RevPAR.
Potential Conversion Opportunities Not Currently Taken in the Market:-Holiday Inn Express (IHG)-Best Western (Best Western)-Wingate (Wyndham Worldwide)
*Conversion opportunities must be verified by prospective purchaser with the appropriate franchise territory representative. Warranties are not made, and contingencies will not be given to buyers regarding the availability of franchise conversion opportunities.
Colliers is please to present to qualified investors, on an exclusive basis, the Former Holiday Inn Express (hereafter, “the property” or “the hotel”) in Seaford, DE. The property is an 81-key, one-building, four-story, limited-service hotel located on1.46 acres and offered with fee-simple interest. The property operated as an independent in 2019 and was shut down in 2020. The hotel is in non-operational condition and will require a significant renovation to re-open. Prospective purchasers should evaluate the hotel’s value strictly on a price-per-key or pro-forma projection basis. The property is located off Route 13.
The hotel was historically operated as a Holiday Inn Express until 2019, prior to becoming an independent in 2020 and shutting down during the COVID-19 pandemic. While the property was closed, a pipe busted. The building has been gutted, cleaned, and dried.
A STR Trends Report for a realistic competitive set of midscale and upper midscale hotels of similar structure and market positioning has been provided for prospective purchasers to build a pro-forma schedule of ADR and Occupancy projections. This competitive set is made up of Quality Inn & Suites Georgetown-Seaford, Hampton Inn Seaford, Comfort Suites Seaford, and Holiday Inn Express & Suites Salisbury Delmar.
-In 2021, the competitive set showed an ADR of $125.08 and Occupancy of 69.50% for RevPAR of $86.93. Translated to 81 operational rooms, the Former Holiday Inn Express in Seaford would have showed a room revenue $2,570,085 with $86.93 RevPAR.
-In 2022, the competitive set showed an ADR of $128.83 and Occupancy of 67% for RevPAR of $86.32. Translated to 81 operational rooms, the Former Holiday Inn Express in Seaford would have showed a room revenue of $2,552,051 with $86.32 RevPAR.
Potential Conversion Opportunities Not Currently Taken in the Market:-Holiday Inn Express (IHG)-Best Western (Best Western)-Wingate (Wyndham Worldwide)
*Conversion opportunities must be verified by prospective purchaser with the appropriate franchise territory representative. Warranties are not made, and contingencies will not be given to buyers regarding the availability of franchise conversion opportunities.
Property Details
- Class
- C
- Year Built
- 1998
- Stories
- 4
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 87,556 SF
- Units
- 81
Highlights
- Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings
- Fee Simple Interest in the 81-Room, 4-Story, Non-Operational, Interior Corridor, Former Holiday Inn Express in Seaford, Delaware
- Located on 1.46 Acres approximately 30 miles from Rehoboth Beach, Delaware
- Shut-Down Property with Potential to Reposition as Holiday Inn Express, Best Western, or Wingate
- Pro-Forma Stabilized Revenue of $2,500,000+ with a Stabilized NOI of $850,000+ Based on STR Competitive Set
- Competitive Set RevPAR of $86.32 in 2022
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