518 Stewart Ave, Ithaca, NY 14850 For Sale

JLL’s Hotels & Hospitality Group, as sole and exclusive agent, has been retained to offer the 31-room Dorm Hotel and an accompanying student housing unit (collectively, the “Property”). Positioned directly adjacent to Cornell University—the only Ivy League institution in upstate New York and the dominant demand engine of the Ithaca lodging market—the Property occupies a location that cannot be replicated. Local zoning prohibits new hotel construction this close to campus, creating a permanent supply barrier that insulates the Property from competition and supports sustained rate and occupancy performance.

Ithaca itself has emerged as one of the most compelling small-market lodging destinations in the Northeast. Cornell’s nearly 27,000-student enrollment and year-round academic and events calendar anchor a consistent transient demand base, supplemented by a growing healthcare sector anchored by Centralus Health (a 6,000-employee system formed in 2025) and a nationally recognized leisure profile anchored by CNN’s designation of Ithaca as the #1 Best Town to Visit in America. The broader market has recorded RevPAR growth of 23% above 2019 levels with no new supply in the pipeline.

Against this backdrop, the Property delivers strong in-place cash flow, high GOP margins, and recently renovated offerings between both the hotel and student housing components. The Dorm Hotel presents a compelling opportunity with a truly irreplaceable asset at the doorstep of one of America’s great universities.