REIT Sale-Courtyard Ithaca Airport/University | 29 Thornwood Dr
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REIT Sale-Courtyard Ithaca Airport/University 29 Thornwood Dr
107 Room Hotel Ithaca, NY 14850 For Sale
Investment Highlights
- The hotel enjoys a prime location just off NY 13 and is less than a mile from Ithaca Tompkins International Airport.
- The hotel is well-positioned to capture market demand and achieve growth within the midscale and upper midscale segments.
- By streamlining processes, optimizing staff, and leveraging technology, the hotel can cut costs and boost profitability.
- The Courtyard benefits from being part of the world’s largest hotel company in the world, with the biggest hotel rewards program.
- The Hotel is being offered unencumbered by existing debt. Land Lease is in place for this property (inquire for terms).
Executive Summary
Marcus & Millichap is pleased to offer, on an exclusive basis, the opportunity to acquire the leasehold 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.
Ralph Passono, Jr.
c/o Fisher Auction Company Inc.
License: 1
NY Broker No.:10311203946
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.
Ralph Passono, Jr.
c/o Fisher Auction Company Inc.
License: 1
NY Broker No.:10311203946
Property Facts
| Sale Type | Investment | No. Rooms | 107 |
| Property Type | Hospitality | No. Stories | 4 |
| Property Subtype | Hotel | Year Built | 2000 |
| Building Class | B | Parking Ratio | 1.68/1,000 SF |
| Lot Size | 5.77 AC | Corridor | Interior |
| Building Size | 67,180 SF |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 5.77 AC |
| Building Size | 67,180 SF |
| No. Rooms | 107 |
| No. Stories | 4 |
| Year Built | 2000 |
| Parking Ratio | 1.68/1,000 SF |
| Corridor | Interior |
Amenities
- Fitness Center
- Pool
- Restaurant
- High Speed Internet Access
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 7 | $321.00 | - |
| Guest Room | 100 | $262.00 | - |
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PROPERTY TAXES
| Parcel Number | 503201-045-001-0001-055-019-0000 | Improvements Assessment | $5,464,500 |
| Land Assessment | $865,500 | Total Assessment | $6,330,000 |
PROPERTY TAXES
Parcel Number
503201-045-001-0001-055-019-0000
Land Assessment
$865,500
Improvements Assessment
$5,464,500
Total Assessment
$6,330,000
zoning
| Zoning Code | Business & Tech- Lansing |
| Business & Tech- Lansing |
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REIT Sale-Courtyard Ithaca Airport/University | 29 Thornwood Dr
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