Location: 2205 Osborne Drive east
Price: $3,800,000
Rooms: 101
Price Per Key: $37,624
Property Type: Full service with leased restaurant lounge, meeting rooms and convention space
Revenue: $1,589,976

Description

• Interior Corridor/2 Floors
• Concrete, Block & Steel Construction
• Leased Full Service Facilities
• 10,000 sq. ft. meeting space (sub dividable)
• Banquets for up to 400 guests
• Break-out Rooms
• Board Room
• Courtyard Area (seats 200-250 Banquet)
• Indoor Pool/Hot Tub
• Wireless Internet Access (Public spaces)
• Wired Internet (In rooms)
• Keyless Entry
• King Suites with Living Area
• 25” TV’s
• Exercise Room
• Arcade Room
• Individual HVAC, Except Adjacent to Dome
• Guest Laundry

Overview

This well maintained, full service hotel has been a market leader for several decades. Being the only full service property in its locale, it captures most of the largerbanquets, meetings and conferences. Although the hotel is full service, the operation (forthe owner) is primarily limited service, based on the third party lease agreement.

The lease governing the Garden Café, the Convention Center and the Brass Ring Lounge is not typical of leased food and beverage operations. The lessee, a local operator, has enjoyed a profitable and well known operation for many years and has paid nearly $160,000 in “commissions” and other payments in 2006. As a former Holiday Inn Holidome, the dome has been modified and features a tasteful conversion of the area by separating the pool and Courtyard, in order to accommodate two different uses.

This two-story hotel is interior corridor but also provides outside access to the first units. Its concrete block/steel construction offers a long life facility, together with very quiet sleeping rooms.

Although the franchise has recently changed, the hotel’s market niche has not. This hote is ideal for an operator who understands and can build on the continued opportunity offered by the full service business model. No other Hastings hotel has the facilities t accommodate larger meetings and banquets. This fact, together with the owner’s limited involvement in the F & B component, permits a simplified operation.

A second compelling aspect of this investment offering is the City of Hastings. Hastings located in south central Nebraska and has grown to a regional hub with a population of over 25,000 residents. The 25 mile radius population is nearly 90,000. With regards to major employers, Hastings includes well known corporations such as Thermo King, Farmland Foods, Dullon Lainson and the Eaton Corporation.

The area is also fortunate to claim several institutions of higher learning, including Hastings College and Central Community College – Hastings. Hastings College is a private, four-year liberal arts institution with 1200 full time students and over 100 faculty. The beautifully landscaped 109 acre campus has been a consistent fixture for over 100 years. The campus features an appealing mix of traditional landmarks with contemporary academic buildings, all designed to showcase the red brick and Georgian style. CCC of Hastings is a 2-year community college offering 2 year technical programs as well as a 2-year university preparation program.

It is clear to see that this hotel investment features a fine community and a full service business model that is difficult to duplicate. With continued emphasis on the strengths of its market niche, the Quality Hotel should continue its position as “the place to meet”.

Contact

Brent Jaynes ~ 913-894-5252
info@leisurerealestate.com

Additonal Information