1000 International Dr Budd Lake, NJ 07828-4308

Exceptional investment opportunity: a 141-key Holiday Inn located at 1000 International Drive, Mt Olive, NJ 07828, in Morris County. This four-story, 100,000 square foot hotel, built in 1997 and renovated in 2017, sits on a 10.09-acre lot and boasts 150 parking spaces. The property features 65 king rooms, 65 double-double rooms, 4 suites, and 7 ADA-compliant rooms, all approximately 350 square feet. Amenities include two elevators, a fitness center, an indoor pool, and three banquet halls. The hotel benefits from an interior corridor design and a central gas heating and cooling system. The flat rubber roof is in place. The asking price is $9,750,000, representing a price per square foot of $97.50. The property's current occupancy is 45.2% as of December 31, 2023. Its strategic location along I-80, a major thoroughfare with approximately 50,000 vehicles daily, provides excellent visibility and accessibility. Furthermore, its proximity to New York City (less than an hour away) and several prominent wedding venues positions it for significant revenue growth. The property is approved for rebranding to a Hilton Garden Inn. Morris County's robust tourism sector, with over 5,300,000 visitors and over $292 million spent on lodging in 2022, presents a strong market for increased occupancy and revenue. Analysis indicates a potential for over $700,000 (21%) in additional room revenue based on market rates. The property's parcel number is 1427_204_1.