For Sale
$8,000,000

1535 River Frontage RdSilt, CO 81652

80-key hotel, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
115
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

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1535 River Frontage Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message