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The Airport Plaza Hotel - Reno

Property DescriptionOffering MemorandumDue Diligence
Main image Property Sold
Located: Reno , Nevada
Offering Price: $15,950,000.00
Net Operating Income: $1,450,000.00
Financing: Broker will assist with securing acceptable
Room Revenue: $5,250,000.00
Renovated: 2006 Major-2013-2014 & 2015-2016
Number of Units: 265
Land Area: 6.0 +/- Acre
Built: 1982


Summary

Swoboda Hospitality Specialists, as exclusive listing agent for Kosla Properties, L.L.C., Seller, offers for sale the 265 Room 3 story interior corridor, Airport Plaza Hotel & Convention Center Reno, featuring a resort style, lushly landscaped courtyard with outdoor pool. Directly across the street from the Reno International Airport. The hotel comprises one three-story building. An outdoor pool area is situated in the center of the hotel structure. The hotel's main entrance, located on the southeast side of the building, leads directly into the lobby. The public areas and back-of-house spaces are located on the first and second floors, while the guest rooms are located on the all levels. The parking lot was resurfaced and re-striped in 2012. In 2013, three new rooftop air-handling units were installed. Hotel facilities and amenities include Plaza Court (a three-meal restaurant), Crosswinds Lounge, an outdoor pool, an indoor whirlpool, a sauna, a fitness room, a four-computer business center, a guest laundry area, and several vending areas The lobby received new flooring in 2014 and the artwork was updated throughout the hotel. Also in 2014, the fitness room, indoor whirlpool, and vending areas were updated and new air-conditioning units were installed in the meeting space. In 2015, the restaurant received new granite countertops and the bar area received new gaming systems. Furthermore, the entry area flooring was replaced, the business center received new equipment, and 50 guest rooms received new PTAC units. The hotel features standard and suite-style guest rooms. In 2012, the guest rooms received new flat-panel televisions and, in 2013, approximately half of the guest rooms received new mattresses. The guest room bathrooms received new wall covering and vanity counter tops in 2014. Overall, the public areas and guest rooms are in excellent condition..

Highlights

• $5,2,000 Room Revenue -$1,000,000 Food/Beverage and Parking income in 2015 • Tremendous Opportunity Property operated 15% below competitive set in 2015 while being up 10% in Revenue • $1,450,000+ Adjusted N.O.I. • $68,000 per room - Cap Rate • Great Location - Directly Across Street From Reno International Airport • 4.0 +/- Acres Fee Simple

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