755 Horizon Dr Grand Junction, CO 81506-3935
- Hotels
- 109,008 SF
- 6.80 lot acres
Jul 27, 2021
Current Use by Public Records
- Global Missions Inc / Religious Organization
- Clarion Inn Grand Junction Airport / Hotel
- A18 / Italian Restaurant
Property Details for 755 Horizon Dr
- Year built
- 1966
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 6.80 lot acres
- Property size
- 109,008 SF
- Zone code
- C-1
- Property type
- Hotels
- Property subtype
- Motels
- APN
- 2701-361-49-003
- APU
- 270136149003
Description
This exceptional 143-key Clarion Inn, located at 755 Horizon Dr, Grand Junction, CO 81506, presents a compelling value-add opportunity. Boasting 109,008 square feet on a 6.8-acre lot, this two-story, interior-corridor hotel features an indoor pool, whirlpool, complimentary airport shuttle, breakfast area, business center, and fitness facilities. The property also includes 15,400 square feet of meeting and event space – the largest in its competitive set. Recently renovated in 2022, approximately $750,000 in capital improvements were made, including a new elevator and HVAC upgrades. The hotel currently operates at 59% occupancy (as of 12/31/2023), offering significant upside potential through improved revenue management and expense control. A 7,000 square foot restaurant and bar space is available for lease or in-house use. The property benefits from its prime location one mile from Grand Junction Regional Airport, near Colorado Mesa University and St. Mary's Medical Center, and convenient access to Interstate 70. With 200 parking spaces and a strong pro-forma NOI of $1,031,611 and a pro-forma cap rate of 10.86%, this hotel represents a significant investment opportunity in a rapidly growing market. The Grand Junction MSA boasts a population exceeding 155,000, serving as a crucial stopover for travelers on I-70 between Denver and Salt Lake City, and offering proximity to numerous outdoor recreational activities and tourist destinations like Moab, Utah. The asking price is $9,500,000 ($87.15/sq ft and $66,433.57/key). The property is free and clear of any ground lease.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,095,000
- ML approach
- $3,890,000
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Location Insight
- Map
- Local Demand
- City
- Grand Junction
- County
- Mesa
- State
- Colorado
- Longitude
- -108.538
- Latitude
- 39.1137
- CBSA code
- 24300
- CBSA name
- GRAND JUNCTION, CO METROPOLITAN STATISTICAL AREA
