PROFITABLE RESORT-CITY MOTEL - off market

with

MAGNIFICENT DEVELOPMENT POTENTIAL

Saratoga County, New York Capital District

Listing Price: $ 3,800,000                   Owner’s Cash Flow: Approx. $ 350,000 +

BUSINESS:

The Saratoga Downtowner Motel is a 42 room motel with high visibility and an indoor pool located on Broadway in the heart of Saratoga Springs. It is near the convention center, the race track, the Skidmore College campus, The Saratoga Performing Arts Center and numerous fashionable shops and restaurants. The interior pool is located in an atrium formed by the two stories of the Motel, which surround the pool with walkway and balcony. There are 16-18 private parking spaces and on-street and municipal parking nearby. The Downtowner has a head start on design and local approval of a modernization development that would expand room number and on-site activity to spa and restaurant services. The motel offers a comfortable living to its current owners “as is”.

 FACILITIES:

The 16,056 square foot 28’ height building is located on a flat .4 Acre site, generally rectangular, fronting on the main thoroughfare and a wide side street. Room disposition is 21 doubles, 13 king and 8 singles, all with private facilities, ample space and customary amenities for a premium clientele. An attractive check-in desk area, with rendezvous space is at the main entrance and there is a handy downstairs basement storage and workroom, with maid facilities.  The motel is in excellent condition, having been built well in 1963 and renovated in its interior and room decorations by the current owners who purchased it in 2000.

 HIGHLIGHTS OF THE BUSINESS:  

• Well established over 40 years of serving guests in all seasons
• Repeat customers for Race Season, nearby colleges and Saratoga Performing Arts Center and summer holidays.
• Unique central “downtown” location, just minutes from I-87 (NY Northway) Exits 13N, 14 or 15.
• Excellent condition of physical plant
• Loyal and skilled economical help available.
• Above average return on owners investment and “hands on” involvement
• Community has had recent shopping center development nearby and a variety of franchised hospitality facilities.
• An exciting vibrant community with superior lifestyle and nearby recreational and cultural activities.
• “Expansion Program” on the shelf, with significant preliminary work completed on a reconstruction development to add new services (Restaurant and Spa) and expanded upscale rooms.

OPPORTUNITY:

The Saratoga Downtowner is a village mainstay, known and affectionately visited by generations of visitors to this famous Spa city in the Adirondack foothills near New York’s Capital District. It has historically provided a better than average living to its owner couple, who have greeted and served guests for over a decade … and established year-after-year friendships that are substantial. There is proximity to the Broadway district of Saratoga Springs, its new convention center and other large hotels and many restaurants. 

The present owners invested heavily in architectural and local approval counsel to develop an expansion program to increase room capacity to 75-80 premium rooms, and to build a restaurant and a a health spa so as to generate broader revenues from the unique location, high visibility site and high traffic on Broadway The full file of this … attorneys endeavors, construction plans and estimates, potential timetable … are available as a bonus to a purchaser. 

FINANCIAL:

Sales of late have been just below $ 1 million with profitability and discretionary cash flow for the owners - before salary, taxes, financing costs and other perks, - that has exceeded 33%. Full financial details will be provided to credentialed potential purchasers who visit the facility and sign a Confidentiality Agreement.

PRICE AND TERMS:

The business and all its assets (exclusive of financial assets) is offered for $ 3,800,000. A hospitality experienced buyer can expect local bank financing upon a customary equity down payment and demonstrating creditworthy credentials and a Owners will assist an orderly transition and training, and will make introductions and explanations of the potential Development Program that was evolved.