260 E CSWY Merritt Island FL 32952

Cushman & Wakefield’s Hotel Group has been retained to offer for sale the fee simple interest in the 128-room Econo Lodge Port Canaveral Area located in Merritt Island, Florida. The property is a two-story, limited-service hotel that features a wide variety of on-site amenities including a vacant +/- 4,700 sq. ft. fitness center, tennis courts, a vacant restaurant, and bar that can all be brought into operations. The property also presents the opportunity to increase operations to competitive set standards through focused, hands-on management and increased marketing. The current flag will be removed in the later portion of 2024, which gives the chance to either operate independently or rebrand with another reputable flag. The Econo Lodge Port Canaveral Area offers investors the opportunity to acquire a value-add property in a highly desirable and growing market.

• 128-Room Hotel Sitting on +/- 6.93-Acre Parcel in a Highly Desirable Location
• Merritt Island is a Highly Dense Market with Significant Retail, Commercial and Military Presence due to its Proximity to:
• Port Canaveral (Cruise, Cargo and Naval Port) 8 Miles from Hotel. With over 4 Million Passengers Annually, Port Canaveral is One of the Busiest Ports in the World.
  
• Cocoa Beach 8 Miles from Hotel. A Lively Tourist Destination, Boasting 6 Linear Miles of Ocean Beaches and an Obstructed View of Space Launches, Cocoa Beach Welcomes 2.5 Million Visitors Annually
• Kennedy Space Center 10 Miles from Hotel. One of NASA’s Top Field Centers with over 700 Facilities/Buildings Sprawled Across a 144,000 Acre Complex. The Operations Center Also Serves Multiple Third-Party Space Related Companies, including Elon Musk’s SpaceX, Jeff Bezos’ Blue Origin and Boeing, Among Others.
• Patrick Space Force Base 13 Miles from Hotel. United States Air Force/Space Command Base which is an Important Installation to the US Military. This Base Employs Over 10,000 People and is Home to Over 13,000 Military Dependents, Civilian Employees and Contractors.
• $1,929,165 Total Revenue in 2023 a Hands-On Owner who Invests in Upgrading the Property and Boosting Marketing is Expected to Raise Revenue Significantly while also Managing Expenses – to make this Opportunity a very Profitable Investment.
• Resort-Like Amenities Property Includes Vacant Restaurant, Bar, Vacant +/- 4,700 sq. ft. Commercial Fitness Center (Can be Converted to Banquet Space) and Tennis Courts. Property has Significant Upside for a Hands-On Buyer who will Invest in Upgrading Vacant Amenities and Creating a Resort-Like Environment On-Site. Additionally, the Hotel’s Proximity to Multiple Space-Related Institutions, Provides Guests Views of Various Space Launches and can be Considered an Additional Amenity for Guests.
• Opportunity to Earn Additional Revenue through Refurbishing and Bringing the On-Site Fitness Center, Tennis Courts, Restaurant, and Bar Back into Operations. Property Also Benefits from an Abundance of Parking Spaces, so it can Benefit from Charging for Cruise Port Parking & Beach Parking by way of Offering Guests Shuttle Service.
• Econo Lodge Flag is Planned to be Removed from the Property in September 2024, Creating the Opportunity to Either Rebrand with Another Reputable Flag or to Operate Independently without any Expected Liquidated Damages
• Multiple New Developments in Immediate Area including new Hospital Currently Under Construction (+/- 2,000 ft. away), new Wawa Gas Station Under Construction (+/- 1,000 ft. away) and new Chipotle Restaurant Under Construction (+/- 1,000 ft. away), amongst Multiple Other Retail Projects.
• Repositioning Opportunity as the Property Has the Structure and Amenities that may Reflect a Better Use as Multifamily, Assisted-Living, and Drug Rehab, among Other Uses
• Surging Population Growth throughout, Cocoa, Titusville and the General Space Coast Area Which is Expected to Continue as the Area Grows
• Approximately Half an Hour from Downtown Orlando, A Major Tourism Hotspot with a Strong Economic Profile, Diverse Employment Opportunities, a Wide Variety of Travel & Tourism, and Exceptional Lifestyle Options & Opportunities.