Microtel Inn by Wyndham
29-12 40TH Ave
Neighborhood: Long Island City
Asset Type: Hotel
# of Buildings: 1
Square Feet: 27899
Building Class: H3
Excellent Opportunity in Long Island City | Price upon Request
Besen Partners Hotel Advisory Group, as exclusive agent for Ownership, is pleased to offer for sale the Microtel Inn by Wyndham located at 29-12 40TH Avenue in Long Island City, NY (the “Property”). Constructed in 2014, the design of this 75- key limited-service hotel prioritizes both style and space efficiency simultaneously. It incorporates smart design, modern rooms, and elegant architectural features to enable an experience Microtel by Wyndham calls “brilliantly simple.” Constructed with a modern geometric steel façade, premium Italian marble and veneer finishes throughout lobby and common areas, the property presents a high-end aesthetic. Additionally, the hotel features high-quality mid-century modern furniture.
The subject property has demonstrated strong performance in the face of COVID-19, with 60% occupancy over the past three months, $108 ADR and higher RevPar than nearby competitors. Property finishes and building specs far exceed its present flag, making it ideal for repositioning to increase valuation through a new premium, higher segment brand. Reflagging can lead to approximately 35%+ increase in ADR and RevPar, and the Property will be approved by IHG, Hilton, Marriott, and Hyatt.The property’s mixed zoning designation includes R7X, allowing for residential use as well.
The Microtel Inn & Suites brand is a chain of 343 franchise hotels with 24,947 rooms (as of December 31, 2018). There are presently 301 locations in North America and 20 in New York State. The company has locations in the United States, Argentina, Canada, Mexico, the Philippines. In 2008, Wyndham Hotel Group purchased US Franchise Systems, Inc., owner of the Microtel Inn & Suites and Hawthorn Suites brands, from Global Hyatt.
Located in vibrant Long Island City in the borough of Queens, this hotel is close in proximity to transit, local businesses and restaurants, and many other attractions, including all that Manhattan has to offer. From the Property, it is a 3-minute walk to the nearest subway station and a quick subway ride (one stop) to Grand Central Station. Other transportation opportunities include the nearby BQE (I-78), it is a brief drive to LaGuardia Airport, readily available taxis to Brooklyn or Manhattan, as well as a scenic ride on the NYC Ferry, accessible nearby at the beautiful Long Island City waterfront.