What is the story about?
What's Happening?
The former Holiday Inn Long Island City - Manhattan View has reopened as an independent boutique hotel after a $5 million renovation. The property, which includes 136 rooms, is now listed for sale at $21,500,000. Located in a high-performing New York submarket, the hotel offers potential investors the opportunity to rebrand and manage a non-unionized hotel. The renovation focused on major systems and mechanical upgrades, reducing immediate capital needs for buyers. The hotel is strategically positioned near Midtown Manhattan and LaGuardia Airport, making it attractive for both tourists and business travelers.
Why It's Important?
The sale of this property presents a significant investment opportunity in the competitive New York City hotel market. Its strategic location and recent upgrades make it a valuable asset for potential buyers looking to capitalize on the area's strong occupancy rates and average daily rates. The flexibility in branding and management allows for diverse strategic options, including potential affiliation with major hotel brands like Hilton. This could enhance the property's market positioning and profitability, especially with the ongoing expansion of LaGuardia Airport likely to increase demand for nearby accommodations.
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