Current Use by Public Records
- Hospitality properties
Property Details for 947 Oh-53
- Year built
- 1999
- Lot size
- 1.95 lot acres
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Port Clinton
- County
- Ottawa
- State
- Ohio
- Longitude
- -82.8589
- Latitude
- 41.5089
