Investment Overview

Marcus & Millichap has been retained to exclusively market the 112 room Clarion Pointe in Erie, Pennsylvania. The Limited service hotel is being offered at $4,400,000 or $39,285/key, significantly below replacement cost. The hotel represents a unique opportunity to acquire a Midscale hotel which just converted from a Days Inn (not renovated for since 2008) to Clarion Pointe (July 2024) by completing a Full renovation of guest rooms and exterior. The hotel will be delivered with Minimal PIP upon transfer and is positioned to reach $1.4 Million is room revenues its first full year in 2025. The Clarion Pointe completed a $1.4 Million renovation in February 2024 and was fully on line with Choice Hotels with exterior signage by June 2024. The hotel historically lagged its comp set due to its rooms conditions as a Days Inn but is situated in a 53.7% occupancy market with a RevPAr of $49. The Clarion Pointe is anticipated to reach 69 % of its comp set by 2025 and reach 74% of its comp set by 2026.