Homewood Suites by Hilton Rochester/Greece

400 Center Place Drive, Rochester, NY

For Sale

Hotel Extended Stay

Market Price

Price

Overview

Building Size

67,616 sqft

Keys

Floors

Offered by

Description

Besen Partners is delighted to present the fee-simple interest in the Homewood Suites by Hilton Rochester/Greece for sale. This full-service asset, located at 400 Center Place Drive, Rochester, NY 14615, features 95 keys across 5 stories with interior corridors. The hotel offers an array of amenities, including an indoor pool, games room, full-service lounge/bar, and BBQ grills. Two meeting rooms, spanning 575 SF and 338 SF, are available, accommodating up to 40 guests. The property has undergone extensive renovations, presenting a modern and refreshed appeal. Investors have the opportunity to streamline and reduce expenses on room and F&B through their independent management team. This offering presents a compelling investment opportunity in a well-equipped and renovated hospitality asset.

Asking Price: Ownership Requests Proposals

Highlights

Potential for Expense Optimization: Investors have an opportunity to streamline and potentially reduce room expense through their own management strategies, further enhancing profitability.
Recent Renovations: The property has undergone extensive renovations, ensuring major aspects of the PIP have been attended to. A PIP was done in 2021/2022. The cost to complete the remaining PIP is approximately $800,000.
Strategic Location: The property offers easy access to major highways and cities like Buffalo and Syracuse. A mere 10-minute drive from the airport, its location caters to both business and leisure travelers. Proximity to corporate offices enhances its appeal in the Rochester hospitality market.
Positive Market Trends: Rochester’s hospitality sector is witnessing a positive upswing, marked by increased occupancy rates up from 59% post covid to 66.1% in 2023. Along with occupancy, RevPAR has also seen a healthy growth from $85 to $101. The city’s resilience and outperformance compared to neighboring markets underscore its growing appeal to visitors, creating a robust outlook for the local hospitality industry.
High Occupancy Rate: The hotel boasts an occupancy rate of 83.4%, demonstrating its appeal and consistent demand in its location.
Room for Performance Enhancement: Currently, as an owner operated asset, there is significant room to improve revenue management, existing STR analysis shows excessively high MPI% indicating room to increase all property level fundamentals.