Description
Preferred Financing Terms The property has already been underwritten by a private lender who will finance the following terms: 5% Interest rate, 29 year fully amortized loan, no balloon payment, 1% pre payment penalty, 2% loan origination fee that will be added into the loan amount, payments of $8,614.24/Mo with a loan balance of $1,581,000 which includes the financed loan origination fee. Down payment required is $450,000. Seller may consider doing a 100k seller financing 2nd mortgage carryback at 7% interest rate with a balloon payment of 1 to 2 years on an interest only loan. List price is firm. No appraisal or phase 1 is needed as loan has already been underwritten. KW Commercial is pleased to present the exclusive listing of the Scipio hotel in Scipio, Utah. This is an exceptional investment opportunity with Value Add Potential. The offering is a 32-key interior corridor hotel located right off of Interstate 15. The property is currently run as a non-franchised independent hotel operation. The two-story building was built in 2001 and has an onsite manager's apartment. It's prime location, situated at the crossroads of major highways, makes it easily accessible to travelers from all corners of the country. It's also the gateway to Northern and Southern Utah with it being 1 hour 40 minutes to Salt Lake City and 2 hours 30 minutes to St. George. The hotel's ideal location, combined with the exclusivity as the only hotel in Scipio, means that weekends are constantly at capacity, especially during the summer months. Amazing Value Add Potential. The current owner is an absentee owner, which means hands on management or an owner/operator could be a great value add for this property. Rebranding this independent hotel as a branded franchise could also be a wonderful value add for this property. In addition, Property had a pool that is no longer in operation. The current owner had plans to replace the space with 4-5 suites to generate additional revenue but didn't get the chance. Vacant land behind the hotel allows for additional expansion or possible space for an RV park. With pricing at $2,000,000 this puts you at only $62,500/key and a price per SF of only $108.61, which sits far below the replacement cost. Scipio hotel combines comfort, convenience, and a promising investment potential, making it an enticing choice for investors seeking a thriving hospitality venture. PLEASE DO NOT CONTACT THE OWNER OR ANY EMPLOYEES OR TOUR THE PROPERTY WITHOUT AN APPOINTMENT. All inquires must go though the listing broker. Reach out to the listing agent for the financial packet.
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0BEDS
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1.66ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Preferred Financing Terms The property has already been underwritten by a private lender who will finance the following terms: 5% Interest rate, 29 year fully amortized loan, no balloon payment, 1% pre payment penalty, 2% loan origination fee that will be added into the loan amount, payments of $8,614.24/Mo with a loan balance of $1,581,000 which includes the financed loan origination fee. Down payment required is $450,000. Seller may consider doing a 100k seller financing 2nd mortgage carryback at 7% interest rate with a balloon payment of 1 to 2 years on an interest only loan. List price is firm. No appraisal or phase 1 is needed as loan has already been underwritten. KW Commercial is pleased to present the exclusive listing of the Scipio hotel in Scipio, Utah. This is an exceptional investment opportunity with Value Add Potential. The offering is a 32-key interior corridor hotel located right off of Interstate 15. The property is currently run as a non-franchised independent hotel operation. The two-story building was built in 2001 and has an onsite manager's apartment. It's prime location, situated at the crossroads of major highways, makes it easily accessible to travelers from all corners of the country. It's also the gateway to Northern and Southern Utah with it being 1 hour 40 minutes to Salt Lake City and 2 hours 30 minutes to St. George. The hotel's ideal location, combined with the exclusivity as the only hotel in Scipio, means that weekends are constantly at capacity, especially during the summer months. Amazing Value Add Potential. The current owner is an absentee owner, which means hands on management or an owner/operator could be a great value add for this property. Rebranding this independent hotel as a branded franchise could also be a wonderful value add for this property. In addition, Property had a pool that is no longer in operation. The current owner had plans to replace the space with 4-5 suites to generate additional revenue but didn't get the chance. Vacant land behind the hotel allows for additional expansion or possible space for an RV park. With pricing at $2,000,000 this puts you at only $62,500/key and a price per SF of only $108.61, which sits far below the replacement cost. Scipio hotel combines comfort, convenience, and a promising investment potential, making it an enticing choice for investors seeking a thriving hospitality venture. PLEASE DO NOT CONTACT THE OWNER OR ANY EMPLOYEES OR TOUR THE PROPERTY WITHOUT AN APPOINTMENT. All inquires must go though the listing broker. Reach out to the listing agent for the financial packet.
Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 2023-12-09T08:39:28.887. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed accurate. Buyer to verify all information.