Description

JLL's Hotels & Hospitality Group is pleased to announce the exclusive offering for sale of the fee simple interest in the 156-room Hampton Inn White Plains/Tarrytown NYC Area (the "Hampton Inn," "Hotel," or "Property"). The investment offering represents an outstanding opportunity to acquire an institutional-quality, Hilton-branded, select service hotel at pricing well-below replacement in a market with high barriers to entry and excellent proximity to a diverse set of demand drivers.

The Hotel was originally built as a full-service hotel but converted to the select-service modeled Hampton Inn by Hilton in 1996. The Hotel is currently subject to a CBA (Collective Bargaining Agreement) with Local Union 514. White Plains is a highly dense submarket within a short radius from universities, medical centers/hospitals, Regeneron and its $1.8 billion expansion as well as various other Biotechnology Companies, several Fortune 500 Headquarters, various leisure demand drivers, and more.

A new owner has an excellent opportunity to capitalize on growing market/ submarket demand with shrinking room supply. The Rockland County/ Westchester Market Top-Line Performance has already well-eclipsed pre- Covid in terms of RevPAR, primarily driven by ADR growth, while occupancy continues its upwards trajectory. This opportunity offers new investors with embedded growth through additional hands-on revenue management to further penetrate the comp set and submarket. Additionally, JLL has canvassed similarly branded hotels in locations within the metro and believe there is further opportunity to maximize profit margin.

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