La Vista Inn Port Richey | 11736 US Highway 19
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La Vista Inn Port Richey 11736 US Highway 19
156 Room Hotel Port Richey, FL 34668 $7,200,000 ($46,154/Room)
Investment Highlights
- 156-Room | Two Stories | Exterior Corridor | 36 - One Bedroom Apartments | Situated on approximately 4.4 acres
- YE 2022 Room Revenue/RRM - $1,533,052 (120 Rooms Open)/4.70x
- Restaurant Space Located On-Site - Unique Opportunity for Additional Cash Flow
- Price Per Key - $46,154
- YE 2022 Cap Rate/NOI - 9.61%/$691,947
- Located in the Tampa Bay MSA - A Highly Sought After Hospitality Market
Executive Summary
OFFERING OVERVIEW:
DSH Hotel Advisors has been retained as the exclusive broker to market for sale the La Vista Inn, a 156-room exterior corridor hotel, which
includes 36 - one bedroom apartments and is located in Port Richey, Florida - a suburb of Tampa - directly off of US-19 with high visibility.
The subject property is being offered at $7,200,000 with an opportunity for a new owner to improve operations while benefiting from the
close proximity to Tampa. The La Vista Inn was built in 1974 and remains in good condition due to an ongoing capital improvement plan
and recent renovations completed. The hotel is currently operating as an independent property– allowing for a new investor to complete
the acquisition and add a national franchise if desired.
PROPERTY CONDITION:
The La Vista Inn Port Richey was built in 1974 and has had approximately $600,000 +/- spent in recent renovations and capital
improvements. From September 2019 through October 2020 the hotel was operating with 55 rooms – it opened in November 2020 with 126
rooms. YE 2022 Room Revenue was $1,533,052 (120 rooms in operation until August/September). The property currently operates with all 36 apartment-style rooms and 120 guest rooms available for guests. The subject property sits on approximately 4.4 +/- acres and includes 4,000+/- sq. ft. of vacant restaurant space on-site - a unique opportunity for additional cash flow.
RECENT RENOVATIONS COMPLETED INCLUDE:
2 NEW WATER HEATERS
RENOVATED 30/36 1 BEDROOM APARTMENTS
RE-SEALED ROOF
UPGRADED ELECTRICAL PANELS
LOBBY RENOVATION
NEW SIGNAGE
UPGRADED SECURITY CAMERAS
SEALED PARKING LOT
MARKET OVERVIEW:
The La Vista Inn is located in Port Richey a suburb of Tampa, Florida within Pasco County which is included in the Tampa-St. Petersburg
Clearwater Metropolitan Statistical Area. The county is directly west of Polk and Sumter counties, north of Hillsborough and Pinellas
counties, and south of Hernando County. The close proximity to Tampa allows for a new owner to benefit from the tremendous amount of
growth taking place throughout the Tampa Bay area, and enjoy significant demand generators already in place, including, Busch Gardens,
Adventure Island, Clearwater Beach, St Pete Beach, Tampa International Airport, Hard Rock Casino-Tampa, Raymond James Stadium,
Downtown Tampa, Tampa Premium Outlets, Tropicana Field, Amalie Arena and many more.
Property Highlights:
• 156-Room | Two Stories | Exterior Corridor
• Located in Port Richey, a Suburb of Tampa, FL
• $600,000+/- in Recent Renovations
• Vacant Restaurant Space Located On-Site - Unique Opportunity for Additional Cash Flow
• Situated on approximately 4.4 acres
• 36 - One Bedroom Apartments
Location Highlights:
• Located in the Tampa Bay MSA - A Highly Sought After Hospitality Market
• The Subject Property has High Visibility from US-19
• 20 Minutes from Tarpon Springs, FL
• 30 Minutes from Clearwater, FL
• 40 Minutes from Tampa, FL
• 60 Minutes from Crystal River
• Within Close Proximity to Multiple Demand Generators
Financial Highlights:
• Price Per Key - $46,154
• YE 2022 Room Revenue/RRM - $1,533,052 (120 Rooms Open)/4.70x
• YE 2022 Cap Rate/NOI - 9.61%/$691,947
• Year 1 Projected Room Revenue/RRM - $1,913,184/3.76x
• Year 1 Projected Cap Rate/NOI - 11.99%/$863,520
DSH Hotel Advisors has been retained as the exclusive broker to market for sale the La Vista Inn, a 156-room exterior corridor hotel, which
includes 36 - one bedroom apartments and is located in Port Richey, Florida - a suburb of Tampa - directly off of US-19 with high visibility.
The subject property is being offered at $7,200,000 with an opportunity for a new owner to improve operations while benefiting from the
close proximity to Tampa. The La Vista Inn was built in 1974 and remains in good condition due to an ongoing capital improvement plan
and recent renovations completed. The hotel is currently operating as an independent property– allowing for a new investor to complete
the acquisition and add a national franchise if desired.
PROPERTY CONDITION:
The La Vista Inn Port Richey was built in 1974 and has had approximately $600,000 +/- spent in recent renovations and capital
improvements. From September 2019 through October 2020 the hotel was operating with 55 rooms – it opened in November 2020 with 126
rooms. YE 2022 Room Revenue was $1,533,052 (120 rooms in operation until August/September). The property currently operates with all 36 apartment-style rooms and 120 guest rooms available for guests. The subject property sits on approximately 4.4 +/- acres and includes 4,000+/- sq. ft. of vacant restaurant space on-site - a unique opportunity for additional cash flow.
RECENT RENOVATIONS COMPLETED INCLUDE:
2 NEW WATER HEATERS
RENOVATED 30/36 1 BEDROOM APARTMENTS
RE-SEALED ROOF
UPGRADED ELECTRICAL PANELS
LOBBY RENOVATION
NEW SIGNAGE
UPGRADED SECURITY CAMERAS
SEALED PARKING LOT
MARKET OVERVIEW:
The La Vista Inn is located in Port Richey a suburb of Tampa, Florida within Pasco County which is included in the Tampa-St. Petersburg
Clearwater Metropolitan Statistical Area. The county is directly west of Polk and Sumter counties, north of Hillsborough and Pinellas
counties, and south of Hernando County. The close proximity to Tampa allows for a new owner to benefit from the tremendous amount of
growth taking place throughout the Tampa Bay area, and enjoy significant demand generators already in place, including, Busch Gardens,
Adventure Island, Clearwater Beach, St Pete Beach, Tampa International Airport, Hard Rock Casino-Tampa, Raymond James Stadium,
Downtown Tampa, Tampa Premium Outlets, Tropicana Field, Amalie Arena and many more.
Property Highlights:
• 156-Room | Two Stories | Exterior Corridor
• Located in Port Richey, a Suburb of Tampa, FL
• $600,000+/- in Recent Renovations
• Vacant Restaurant Space Located On-Site - Unique Opportunity for Additional Cash Flow
• Situated on approximately 4.4 acres
• 36 - One Bedroom Apartments
Location Highlights:
• Located in the Tampa Bay MSA - A Highly Sought After Hospitality Market
• The Subject Property has High Visibility from US-19
• 20 Minutes from Tarpon Springs, FL
• 30 Minutes from Clearwater, FL
• 40 Minutes from Tampa, FL
• 60 Minutes from Crystal River
• Within Close Proximity to Multiple Demand Generators
Financial Highlights:
• Price Per Key - $46,154
• YE 2022 Room Revenue/RRM - $1,533,052 (120 Rooms Open)/4.70x
• YE 2022 Cap Rate/NOI - 9.61%/$691,947
• Year 1 Projected Room Revenue/RRM - $1,913,184/3.76x
• Year 1 Projected Cap Rate/NOI - 11.99%/$863,520
Property Facts Under Contract
| Price | $7,200,000 | Building Size | 79,988 SF |
| Price Per Room | $46,154 | No. Rooms | 156 |
| Sale Type | Investment | No. Stories | 2 |
| Property Type | Hospitality | Year Built | 1974 |
| Property Subtype | Hotel | Tenancy | Single |
| Building Class | C | Parking Ratio | 1.96/1,000 SF |
| Lot Size | 4.44 AC | Corridor | Exterior |
| Price | $7,200,000 |
| Price Per Room | $46,154 |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 4.44 AC |
| Building Size | 79,988 SF |
| No. Rooms | 156 |
| No. Stories | 2 |
| Year Built | 1974 |
| Tenancy | Single |
| Parking Ratio | 1.96/1,000 SF |
| Corridor | Exterior |
Amenities
- Balcony
- Pool
- High Speed Internet Access
- Patio
- Meeting Event Space
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 36 | $89.00 | - |
| Guest Room | 120 | $71.00 | - |
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PROPERTY TAXES
| Parcel Number | 10-25-16-0050-02400-0020 | Improvements Assessment | $961,317 |
| Land Assessment | $566,888 | Total Assessment | $1,528,205 |
PROPERTY TAXES
Parcel Number
10-25-16-0050-02400-0020
Land Assessment
$566,888
Improvements Assessment
$961,317
Total Assessment
$1,528,205
zoning
| Zoning Code | C2 (COMMERCIAL) |
| C2 (COMMERCIAL) |
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La Vista Inn Port Richey | 11736 US Highway 19
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