Investment Overview

Marcus & Millichap has been retained to exclusively market the 100 room Wingate Inn in Erie, Pennsylvania. The hotel is being offered UNPRICED, significantly below replacement cost at an attractive RRM and Double Digit Cap Rate. The Hotel is located just one and a half hours from Cleveland, Ohio and Buffalo, NY, two hours from Pittsburgh, and three and a half hours from Toronto, Canada. The hotel represents an attractive opportunity to acquire a four Story Block and Plank Construction Midscale hotel with Minimal PIP upon transfer since all rooms and common areas were renovated between 2019-2023. The Wingate Erie receives excellent billboard highway exposure on Interstate 90- off the exit which is a popular stopping destination for travelers going to NY and Canada. The hotel has occupancy consistently around 60 percent with ADR climbing after renovation and Post Covid with an RevPAR of $68. The hotel consistently generates over $820K in net operating income which presents investors an attractive long term investment in a stable market with diverse demand generators approximate at a discount to many large cities.