Knights Inn Pulaski NY

Knights Inn Pulaski NY

Price : $Under Contract

This 48 keys, two buildings, exterior corridor assets are located on heavily traveled State Route 13. It is also at an exit off I-81. It is less than one hour from Syracuse, NY. The property has a reasonably good curb appeal. Due to the limited inventory of hotel rooms in the Pulaski market (app 600) and reasonably good demand in many months, ADR is higher. Fishing is one of the major demand generators in this market amongst many other. The season starts from September thru April every year. Fishing enthusiasts comes in group for tournaments or recreational fishing and typically stay 3 – 5 days. Located an exit off I 81, the tourists from Canada also stops by overnights along the way. The property gets overflow from the demand created during “outages” by Fitzpatrick, Nine Mile 1 and Nine Mile 2 nuclear plants located in the area. These outages occur in March/April and/or September/October. During these outages, a large number of contractors (ranging from 1000 to 2500) come to the area and stay for 30 to 35 days on average. Due to the heavy room demand during the fishing season and outages, the resultant ADR is higher.
 
Current owner spent in excess of $135,000 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.