This 80-key Holiday Inn Express, built in 2009, is a value-add investment opportunity located at 1535 River Frontage Rd, Silt, CO 81652. The 41,652 square foot, three-story hotel boasts a strong location off I-70, Colorado's second busiest highway, and offers significant upside potential. Currently operating at 52.2% occupancy (as of December 31, 2023), the property generates a Net Operating Income (NOI) of $916,453, representing an 11.46% cap rate and a price per key of $100,000. The asking price is $8,000,000, or $192.07 per square foot. Recent capital expenditures totaling approximately $200,000 include new carpeting, wallpaper, repainted stairwells and 18 rooms/bathrooms, a new heating system for the pool and hot tub, a new backflow system, a new telephone system, a new fire panel, sump pumps, stucco repairs, and new RFID locks. The property sits on a ground lease expiring February 12, 2047 (23 years remaining), currently costing $6,000 annually. The hotel benefits from its proximity to outdoor recreation, including the Colorado River, Rifle Gap State Park, and numerous other attractions. Silt's location near Glenwood Springs and Aspen provides access to a strong RevPAR market. Note that a plumbing issue resulted in approximately six weeks of downtime in winter 2023. The property is located in an Opportunity Zone. The city of Silt has expressed interest in selling the land. A 15-year license from IHG is attainable.
Highlights
80-key Holiday Inn Express hotel in Silt, CO, on a ground lease expiring in 2047.
Independently managed, offering significant upside potential through revenue management improvements.
$200,000 in recent capital improvements including new carpeting, paint, HVAC, and security systems.
Excellent location near I-70, offering access to strong RevPAR markets in Glenwood Springs and Aspen.
Opportunity to secure a 15-year IHG franchise license.
Strong cash flow with a current NOI of $916,453 and an 11.46% cap rate.
Property Details
for 1535 River Frontage Rd
Property type
Hospitality properties, Hotels
Square Feet
41,652 SF
Year Built
2009
Buildings
1
Stories
3
Location Insight
City
Silt
County
Garfield
State
Colorado
Latitude
39.5427551
Longitude
-107.647823
1535 River Frontage Rd, Silt, Colorado
Nearby Similar for Sale
For Sale
$599,000
Silt Commercial Building - Huge Potential
Industrial building, 2892 sq ft, many possibilities.
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Contacts
Hunter Johnson
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1535 River Frontage Rd, Silt, Colorado, 81652
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1535 River Frontage Rd
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