Knights Inn Oswego NY

Knights Inn Oswego NY

Price : $Under Contract

This 47 keys, one and two stories, exterior corridor asset is well located in downtown Oswego. It is only few miles from Syracuse, NY. The property has a reasonably good curb appeal. Due to the limited inventory of hotel rooms in the Oswego market (app 600) and reasonably good demand in many months, the property provides a good opportunity to increase the revenues and profitability further to an onsite owner operator.
 
A heavy room demand is generated in the area by three nuclear power plants; Fitzpatrick, Nine Mile 1 and Nine Mile 2. Each one of these plants is on a 24 month maintenance cycle, commonly known as the “Outage”. So every alternate year two plant Outages occur. Hence every alternate year, the property revenues go up. Typically the Outages occur in March/April and/or September/October. During these Outages, a large number of contractors (ranging from 1000 to 2500) come to Oswego and stay for 30 to 35 days on average. Due to the heavy room demand, the resultant ADR is higher during these periods. In addition, State University of New York (SUNY) and a number of other demand generators create further demand.
 
Current owner spent in excess of $100,00 for improvements (Capital Improvements list attached) and as a result the property shows well. However, the current ownership focus has been more on repair and maintenance and efforts to increase revenues are lacking. Our market analysis indicates that the property is not gaining its fair share of the market from the other demand generators in the market. With minimal tender loving care (TLC) to improve rooms, it is possible to further increase revenues for this property.