REIT Sale | Courtyard Ithaca Airport/University

Highlights:

• Prime Location: The hotel enjoys a prime location just off NY 13 and is less than a mile from Ithaca Tompkins International Airport. Ithaca, New York is renowned for its prestigious educational institutions including Cornell University and Ithaca College.
• Brand Recognition: As part of the Marriott family of hotels, the Courtyard benefits from being part of the world’s largest hotel company in the world, with the biggest hotel rewards program.
• Attainable Growth: The hotel is well-positioned to capture market demand and achieve growth within the midscale and upper midscale segments.
• Unencumbered of Debt: The Hotel is being offered unencumbered by existing debt. Land Lease is in place for this property (inquire for terms).
• Operational Efficiencies: By implementing efficient operational practices, such as streamlining processes, optimizing staffing levels, and leveraging technology, the hotel can reduce costs and improve profitability.

Description:

RI Marketplace Online Auction Oct 28-30, 2024
Register to bid on Marketplace:

https://rimarketplace.com/auction/2111/reit-sale-courtyard-ithaca-airport-university?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=hospitality_2111

Marcus & Millichap, in conjunction with RI Marketplace, is pleased to offer, on an exclusive basis, the opportunity to acquire fee simple interest in the Courtyard Ithaca, NY (the “Property”, “Asset”, or “Hotel”) a 107-room hotel strategically located at 29 Thornwood Drive, Ithaca, NY 14850. The Property benefits from its prime location just off of NY 13 which is less than a mile from Ithaca Tompkins International Airport, providing exceptional visibility and convenient access. The Hotel is in close proximity to all major demand generators in the area including the Cornell University (2 miles away), Downtown Ithaca Commons, Buttermilk State Park, Children’s Garden, Finger Lakes Wine Country, Herbert F. Johnson Museum of Art and more! The Hotel is being sold at auction via RealINSIGHT Marketplace on September 25th, 2024.

The Syracuse Metro is the economic and educational hub of Central New York. The region’s top employers are primarily in the education and service industries. The Syracuse area has numerous small and midsize firms which contribute to a level of economic stability. SUNY Upstate Medical University in Syracuse is the only academic medical center in Central New York. It is also the region’s largest employer, with 9,500 employees. With nearly 22,000 students, Syracuse University is a private research institution, with an estimated annual economic impact of more than $1 billion. The Diocese of Syracuse is a Catholic diocese headquartered in Syracuse. It serves seven counties of central and south-central New York state, with 129 parishes and 22 schools.

Property Tours
By appointment only - please contact Michael Klar, Michael.Klar@marcusmillichap.com, to schedule a tour.

Auctioneer
Ralph Passono, Jr.
c/o Fisher Auction Company Inc.
License: 1
NY Broker No.:10311203946

Documents: