Description

West Broadway, Long Beach NY.
Opened in 2009, the Hotel is a nine-story, 143-key mid-rise full-service boutique hotel and enjoys an exceptional beachfront location on Long Beach, with 130 feet of beach frontage and sweeping views of the Atlantic Ocean. The Property contains approximately 136,000 gross square feet and includes an extensive array of luxury amenities, including a ballroom, meeting space, fitness center, restaurant, lounge and piano bar. Moreover, the Property includes a rooftop swimming pool and lounge, and is 0.3 miles from the recently approved six-acre iStar Superblock Development, which will include the construction of two of Long Beach’s tallest luxury apartment towers with housing for 800-900 new residents.
The property is presently the top performing and most luxurious hotel on Long Island and is currently owned and operated by the Sponsor free and clear of any management, branding or union contracts. The Property enjoys an exceptional location on Long Beach, which is 50 minutes southeast of Manhattan and is commonly viewed by New York City residents as a beach destination alternative to The Hamptons. Privately-operated as a non-flagged boutique hotel since 2009, the Sponsor is interested in selling the leasehold interest in the property and retaining the fee simple interest, and identifying a sophisticated five-star branding partner to reposition and maximize the value of the Property.
In both 2012 and 2013, the property produced approximately $13.1 million of total revenue per year and earned an average daily rate of $215 with occupancy of 68%. Adjusted 2013 total revenue, accounting for non-recurring hurricane-related revenue loss, was approximately $15.7 million. Moreover, adjusted NOI in 2013, after adding back one-time, non-recurring hurricane, management turnover and legacy expenses, was approximately $1.7 million. This hotel is operating close to an impressive 11% CAP Rate! This hotel was last offered at $59M and is anticipated this hotel will sell %50 Million + 3% Fees

Posted Jun 11, 2016

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