Hotel-Motel

The Spencer

25 Palestine Ave, Chautauqua, NY 14722

Listing Price: $2,006,900

Cap Rate
12.75%
Number of Rooms
24
Price/Room
$83,621
RRM
3.55
Year Built
1906

Investment Overview

The Spencer Hotel & Spa offers investors an opportunity to purchase an excellent cash flowing investment with a location that cannot be duplicated inside the grounds of the historic and world-famous Chautauqua Institution. Operationally, The Spencer Hotel & Spa had 2019 Revenues over $550,000 with a net income of $255,000 despite minimal marketing efforts from the long-term owners which represents a 12.75% cap rate based of 2019 revenues. A new owner with a focus on attracting business outside of the 9-week Summer Session could substantially increase revenues and utilize the hotel to its true four-season potential.

The Spencer Hotel & Spa has constant maintenance and improvements including brand new exterior paint with a 20-year transferable warranty in late June 2020. In the past 3 years the hotel has replaced all the gutters, storm doors, replaced the tvs & phone system, fire alarm system and replaced all light bulbs with LED bulbs, among many other improvements. The Spencer Hotel & Spa is currently being run as an independent hotel but conversion to a boutique brand such as Ascend by Choice is potentially available.

Investment Highlights

  • 2019 Revenues $550,000, Net Income $255,000
  • 12.75% Cap Rate Based on 2019 NOI
  • Opportunity to Dramatically Increase Revenue Through Marketing All Seasons

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

Listing Price: $2,006,900

Cap Rate
12.75%
Number of Rooms
24
Price/Room
$83,621
RRM
3.55
Year Built
1906

Investment Highlights

  • 2019 Revenues $550,000, Net Income $255,000
  • 12.75% Cap Rate Based on 2019 NOI
  • Opportunity to Dramatically Increase Revenue Through Marketing All Seasons

Investment Overview

The Spencer Hotel & Spa offers investors an opportunity to purchase an excellent cash flowing investment with a location that cannot be duplicated inside the grounds of the historic and world-famous Chautauqua Institution. Operationally, The Spencer Hotel & Spa had 2019 Revenues over $550,000 with a net income of $255,000 despite minimal marketing efforts from the long-term owners which represents a 12.75% cap rate based of 2019 revenues. A new owner with a focus on attracting business outside of the 9-week Summer Session could substantially increase revenues and utilize the hotel to its true four-season potential.

The Spencer Hotel & Spa has constant maintenance and improvements including brand new exterior paint with a 20-year transferable warranty in late June 2020. In the past 3 years the hotel has replaced all the gutters, storm doors, replaced the tvs & phone system, fire alarm system and replaced all light bulbs with LED bulbs, among many other improvements. The Spencer Hotel & Spa is currently being run as an independent hotel but conversion to a boutique brand such as Ascend by Choice is potentially available.

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

MM Texture Background
MM Textured Background Lower