Kenmerken

Aantal eenheden

Bouwjaar

1960

Bruto landoppervlakte

3,59 ha

Beschrijving

JLL’s Hotels & Hospitality Group, as sole and exclusive agent for the owner, has been retained to offer for sale the fee simple interest in the 86-room Ramada by Wyndham Seekonk Providence Area (the “Hotel” or “Property”).

...

Investeringskenmerken

• Prime Location: Located near East Providence, 10 minutes from downtown Providence, and directly off Route 44 with close proximity to I-95/I-195. Ideal for regional travelers and transient guests.

• Strong Market Fundamentals: Providence boasts a unique blend of historical significance, modern attractions, and a significant medical-academic cluster. Home to 8 universities and 8 hospitals, with consistent government demand as a capital city.

• Robust Industrial Market: 6.1M SF of industrial space within a 3-mile radius. Vacancy nearing 10-year low (3.73%) with rent and sales price per square foot at 10-year highs ($10.51 and $73 respectively).

• Attractive Return Profile with Strong YTD Performance: 9% cap rate opportunity with ~15% cash-on-cash return upon acquisition. Revenue up 15% year-to-date as of March 2025, with minimal PIP requirements.

• Multiple Revenue-Generating Leases and Ample Event Space: Multiple revenue streams through fifteen leases including restaurant/bar, kitchen, apartments, office space, storage area, and garage. These leases generate about $250k annually. The Hotel also features over 25,000 SF of event space- the most space in the region east of the Providence River.

• Value Proposition: Four-story property on 8.8-acre parcel, offered well below replacement cost at under $100k/key. Unencumbered by management and debt, allowing new owners to implement cost control and revenue management strategies.