Clarion Hotel


Price:
  $4,900,000   
$4,500,000

Address :
2800 W 8th St
Erie, PA 16505


  •  Attractive pricing well below replacement costs.
  •  Well located to major demand generators in local market area.
  •  Motivated owner seeking to retire.
  •  Recent Extraordinary Events: The Clarion Hotel suffered a significant decline in food and beverage revenues in recent years due to management’s decision to discontinue being the primary caterer for the Victorian Princess Cruise Line, substantial turnover in marketing staff and the decision to go with a more upscale dining concept employing a celebrity chef from the Hell’s Kitchen television program. Management is currently scaling back food and beverage operations, but feels that there is an opportunity in the market for a mid-scale food and beverage operation.
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  •  The City of Erie, Pennsylvania is Pennsylvania’s only Great Lakes port city.
  •  Conveniently located to numerous restaurants, retail and other travel-oriented services
  •  Close to Regional Demand Generators, Including...
    •  0.8 Miles to Waldameer & Water World
    •  0.8 Miles to Presque Isle State Park
    •  2.5 Miles to Erie International Airport (Tom Ridge Field)
    •  4.1 Miles to Downtown Erie
    •  4.7 Miles to Millcreek Mall Retail Complex
    •  13.2 Miles to Presque Isle Downs and Casino
  •  131 Rooms
  •  Restaurant/Lounge (Seats 95)
  •  Meeting Space (5,000 Square Feet; 600 person capacity)
  •  Business Center
  •  Guest Laundry
  •  Exercise Room & Sauna
  •  Indoor, Heated Pool & Whirlpool
  •  Newstand
  •  1 Story and 3 Stories
  •  Interior Corridors
  •  Concrete and Concrete Block Structure
  •  Split-faced Concrete Block, Brick and Dryvit Exterior
  •  Rubber Membrane with Gravel Roof and Pitched, Asphalt Shingle Roof
  •  Asphalt Parking Lot
Financials
2014
2015
2016
T-12Mos 10/17
Occupancy
54.93%
54.31%
52.62%
57.44%
Average Daily Rate
$77.91
$83.32
$87.10
$82.52
Room Revenue
$2,046,229
$2,181,370
$2,123,236
$1,860,107
Total Revenue
$3,623,264
$3,464,900
$3,212,983
$3,062,719
Net Operating Income
$288,133
$228,578
$95,464
$214,729
Monthly operating statistics are calculated on a cash basis and will not match completely with sales figures presented in the income statement.
This is a confidential offering intended for the recipient's use in determining the advisability of negotiating for purchase. Do NOT Contact the Property Directly! All Showings by Appointment Only!