For Sale
$4,100,000

947 Oh-53 Port Clinton, OH 43452

71-key hotel, renovated, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
136
This fee-simple, 71-key Sleep Inn hotel in Port Clinton, Ohio, presents a compelling investment opportunity. The property, built in 1999 and extensively renovated in 2022 ($750,000 investment), boasts 25,448 square feet across three stories within a single building. Featuring interior corridors, an elevator, and an indoor pool, the hotel offers 84 parking spaces on its 1.947-acre lot. The current occupancy rate is 39%, as of August 31st, 2024, with an average daily rate (ADR) of $114.23 and a revenue per available room (RevPAR) of $44.68. A recent market analysis indicates significant unrealized revenue gains exceeding $990,000, based on competitive set adjustments. The hotel benefits from its location near various industries (healthcare, mining, manufacturing, and energy) and the thriving Lake Erie tourism market, which saw a 17% increase in visitors between 2021 and 2023, generating over $3.1 billion in sales in 2023. The property's proximity to attractions like Cedar Point, Put-in-Bay, Kelleys Island, and Kalahari Resorts further enhances its appeal. The asking price is $4,100,000, representing a price per key of $57,746.48. The property is zoned commercial and is unencumbered by management agreements. This makes it an ideal acquisition for a first-time buyer or owner-operator seeking a manageable, high-growth potential asset.

Highlights

  • Price: $4,100,000
  • 71 Rooms
  • Annual Room Revenue: $1,158,010
  • Occupancy Rate: 39%
  • Average Daily Rate (ADR): $114.23
  • Revenue Per Available Room (RevPAR): $44.68

Property Details for 947 Oh-53

Property type
Hospitality properties, Hotels
Square Feet
25,448 SF
Year Built/Renovated
1999/2022
Buildings
1
Stories
3
Lot Size (sq. ft)
84,811 SF

Location Insight

City
Port Clinton
County
Ottawa
State
Ohio
Latitude
41.5088871
Longitude
-82.8588641

FAQs

What type of property is this?
Hospitality property - 71-key hotel, renovated, high potential.
Where is the hospitality property located?
The property is located at 947 Oh-53 Port Clinton, OH.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: Price: $4,100,000; 71 Rooms; Annual Room Revenue: $1,158,010
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.
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947 Oh-53
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