Comfort Inn & Suites Watertown
Fully Unencumbered Comfort Inn & Suites Watertown - 1000 Islands NY
Marketing description
CBRE Hotels has been retained as the exclusive advisor for the sale of the fully unencumbered, fee simple interest in the recently renovated 135-key Comfort Inn & Suites Watertown – 1000 Islands (“Hotel”, “Property”, “Asset”). Situated in a well-established location just off I-81, a major thoroughfare in New York State, the Hotel benefits from a stable leisure, commercial and military demand base. The Comfort Inn & Suites boasts a prime location near Lake Ontario and the famed 1,000 Islands region, as well as near local attractions including Fort Drum (+15,000 Military Service Members), Salmon Run Mall and multiple travelers’ services. The recently renovated Hotel presents investors with the rare opportunity to acquire the asset unencumbered of brand and management. Though the property can renew its Comfort Inn and Suites franchise, alternative brands may include Spark by Hilton, City Express by Marriott, Garner by IHG, Candlewood Suites, and possibly others.
Investment highlights
Fully Unencumbered: The Hotel is available completely unencumbered by Brand and Management, presenting investors with ideal optionality in future operations.
Location: The Property is ideally located in Watertown NY, the largest city in New York State’s North Country Region, approximately 70 miles north of Syracuse, and the gateway to the Thousand Islands, the Adirondack Mountains and international destinations in Canada.
Superior Guest Room Product: The Comfort Inn & Suites boasts superior guest room product, as current ownership spent approximately $1.8 million (~$13,000/key) between 2022-2023 completely updating the rooms. Of the 135 rooms in the property, 25 are suites.
Excellent Access to Nearby Demand Generators: The Hotel benefits from excellent access due to its location just off I-81 via exit 45 and is only 1 mile from Salmon Run Mall, 3.2 miles from Watertown International Airport and 6.7 miles away from Fort Drum. Additionally, the Property is close to major employers which include Fort Drum (6.7 miles), Samaritan Medical Center (1.5 miles), New York State Offices and Correctional Facilities (1.4 miles).
Deep discount to replacement cost: Despite being in very good condition, the Comfort Inn & Suites can be acquired at a deep discount to replacement cost.
Comprehensive Renovation: Current ownership spent approximately $1.8 million (~$13,000/key) renovating the guest rooms between 2022-2023, affording a new owner the option to keep the Comfort Inn & Suites as-is or seek alternative brand options.
No New Supply on the Horizon: To our knowledge, there are no plans for any near-term future lodging supply in Watertown and surrounding areas.
Watertown International Airport Expansion: The Airport is currently undergoing a modernization project for construction of a new, 25,000-SF terminal that will house a new lobby ticketing and baggage claim areas, a jet bridge, expanded passenger waiting areas, and dedicated car rental counterspace, among other amenities. Upon completion in 2025, operations will be transferred to the new terminal and extensive renovations will begin on the old terminal building to add a new restaurant, offices and classroom/event spaces.
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