Possibility to Renovate and Purchase the Former Holiday Inn in Long Island City
The hotel, which has been shut down since 2020, has received a$ 5 million investment to restore it to its former glory. The house has a lot of potential for growth for investors who want to place it as a premium-branded resort asset in a very successful submarket. With the original Holiday Inn Long Island City—Manhattan View, HVS Brokerage & Advisory presents a special investment opportunity. Since 2020, this resort, which has 136 locks, has been shut down. However,$ 5 million has been invested to restore the property’s functionality, opening up a potential business opportunity for those looking to rebrand and reposition it as a premium hotel asset. Future investors will like the lack of a company or management agreement because it allows them to customize the property to their needs. There is potential for significant inside given the opportunity to improve operational efficiency in a strong-performing submarket. Major structural and mechanical improvements have been made to the house. In March 2025, the resort will be rebranded as a standalone, non-branding house by the current owners. Prospective buyers can concentrate on inside remodelling, including open spaces and guestrooms. The supply of 17 area parking spaces, a rarity among local competitors, is one of the advantages of this property’s advantage over other properties. This gives you an additional income source in addition to a competitive advantage. The roughly 1,800 square foot of diner place and the 1,750 square feet of meeting/event space offer additional revenue growth opportunities. The resort offers greater administrative agility and potential value saving as a non-unionized hotel. Prospective buyers can choose a preferred brand and modify the property consequently because there is no existing brand or management agreement. Advertising
Hilton brand ambassadors have shown a strong interest in the property, demonstrating how the company’s expansion objectives are aligned with its Long Island City strategy. A potential buyer has the option to keep the Holiday Inn flag because the property was originally a Holiday Inn for twelve years, which would streamline the branding process and make the most of InterContinental Hotels Group’s ( IHG ) global distribution and loyalty network to increase occupancy and revenue. The location of the home in Long Island City’s highly successful submarket. The occupancy rate in the submarket has averaged over 80.0 % since 2021, and ADR reached$ 32 in 2024, according to the STR statement. This performance highlights the market’s robust demand basics and ability to support prime space rates, with RevPAR levels frequently exceeding$ 200 in peak months. One of the nation’s strongest business and tourist areas is close to the property, which is located just minutes away from Midtown Manhattan. Additionally, it provides visitors with a cost-effective lodging choice without paying expensive hotel rates in Manhattan. This house is well-positioned to meet important demand because of its excellent communication to nearby train stations and closeness to LaGuardia Airport. Request an inquiry at HVS.
