Maine College Town Hotel Portfolio

Hospitality for Sale
Catylist Listing ID: 30770157
Property Subtypes: Convention Center, Hotel, Inn
Number of Units: 116 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 9.46 Acres
Sale Price: $8,600,000
Unit Price: $74,137.93 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/26/2021

Overview / Comments

We are pleased to present the opportunity to acquire a two-hotel portfolio in the charming college town of Orono, Maine. Conveniently located within a mile of the University of Maine (one off of I-95, and one near downtown), the turn-key independent hotels offer 116 total guest rooms and are strong, consistent revenue generators with no deferred maintenance.

There is immediate upside potential by adding a franchise (currently independent), as well as well as for further development at 4 Godfrey Drive with plans for 68 additional guest rooms and utility connections in place.

5 College Avenue is comprised of 48 guest rooms, and amenities include a heated outdoor pool with bar service, fitness center, breakfast area, water pavilion for wedding receptions and other events, dock with canoes and kayaks, and walking trails on the 4.35 acres of wooded and riverfront land.

4 Godfrey Drive offers 68 guest rooms, and amenities include 7,560 sq. ft. of event/meeting space, a fitness center, breakfast area, guest laundry, and ample parking on the 5.11 acre parcel.

The properties are well located providing easy access to provides easy access to the area's demand generators, including downtown Bangor, Hollywood Casino, and the summer concerts at Darling's Waterfront Pavilion (10.5 mi), and Acadia National Park (54 mi) – one of America's most popular national parks.

Additional Details

Nearest MSA: Bangor
County: Penobscot
Tax ID/APN: 11-00-057
Zoning: COMMERCIAL
Total Number of Buildings: 2
Property Condition: Good
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,921 17,418 23,175
Median Age: 25.31 30.25 33.63
Households: 436 5,899 8,338

Contact

Photograph of Listing Agent

Nicholas Farrell

KW Commercial - Keller Williams Realty
NECPE Member
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