Besen Partners Hotel Advisory Group, as agent for Ownership, is pleased to offer for sale 310 Wild Avenue, Staten Island, NY (the “Property”). Constructed in 2010, the design of this 93-key limited-service hotel prioritizes both style and space efficiency simultaneously. The property is situated on W Shore Expressway (440) which is the center point between two access points into New Jersey from New York.
The property is currently under process of being converted to a SureStay by Best Western. Property was historically a stabilized asset but currently leaves room to add value by cutting expenses and achieving higher revenues at lower costs through Best Westerns reservation system to better match its Compset. The comp set for this property is limited and Staten Island is a fairly insulated market with no real fluctuation in supply and demand.
The hotel has an absentee owner and is priced well below replacement cost. Replacement value is assessed over $15 MM and historical financials show the asking price is 4.5X Gross revenue, which equates to a 2.66X equity multiple and 30% IRR.View Offering