1535 River Frontage RdSilt, CO 81652

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.