Satioin & Copartners real estate investment
Address
11736 US-19, Port Richey, FL 34668
Details
Property type
Hospitality
key
156
Buildings
1
Lot Size (acres)
4.4
Subtype
Hotel, Motel
Year Built
1974
Stories
2
Maketing Description
OFFERING OVERVIEW:
The La Vista Inn, a 156-room exterior corridor hotel, which includes 36 – one bedroom apartments and is located in Port Richey, Florida – a suburb of Tampa – directly off of US-19 with high visibility. The subject property is being offered at $7,200,000 with an opportunity for a new owner to improve operations while benefiting from the close proximity to Tampa. The La Vista Inn was built in 1974 and remains in good condition due to an ongoing capital improvement plan and recent renovations completed. The hotel is currently operating as an independent property– allowing for a new investor to complete the acquisition and add a national franchise if desired.
PROPERTY CONDITION:
The La Vista Inn Port Richey was built in 1974 and has had approximately $600,000 +/- spent in recent renovations and capital improvements. From September 2019 through October 2020 the hotel was operating with 55 rooms – it opened in November 2020 with 126 rooms. YE 2022 Room Revenue was $1,533,052 (120 rooms in operation until August/September). The property currently operates with all 36 apartment-style rooms and 120 guest rooms available for guests. The subject property sits on approximately 4.4 +/- acres and includes 4,000+/- sq. ft. of vacant restaurant space on-site – a unique opportunity for additional cash flow. RECENT
RENOVATIONS COMPLETED INCLUDE:
2 NEW WATER HEATERS
RENOVATED 30/36 1 BEDROOM APARTMENTS
RE-SEALED ROOF
UPGRADED ELECTRICAL PANELS
LOBBY RENOVATION
NEW SIGNAGE
UPGRADED SECURITY CAMERAS
SEALED PARKING LOT
MARKET OVERVIEW:
The La Vista Inn is located in Port Richey a suburb of Tampa, Florida within Pasco County which is included in the Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area. The county is directly west of Polk and Sumter counties, north of Hillsborough and Pinellas counties, and south of Hernando County. The close proximity to Tampa allows for a new owner to benefit from the tremendous amount of growth taking place throughout the Tampa Bay area, and enjoy significant demand generators already in place, including, Busch Gardens, Adventure Island, Clearwater Beach, St Pete Beach, Tampa International Airport, Hard Rock Casino-Tampa, Raymond James Stadium, Downtown Tampa, Tampa Premium Outlets, Tropicana Field, Amalie Arena and many more