palm grove inn 711 3rd ave s, st petersburg fl€¦ · palm grove inn 711 3rd ave s, st petersburg...
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PALM GROVE INN711 3RD AVE S, ST PETERSBURG FL
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PROPERTY SUMMARY
• 70 ROOM HOTEL WITH BAR/RESTAURANT SPACE, A CONVENIENT STORE, A STORAGE BUILDING
• HALF OF MAIN BUILDING BUILT IN 1929, HALF BUILT IN 1960’S
• OPENED FOR BUSINESS AS HOTEL RITZ IN 1931.
• CONCRETE AND BLOCK/BREAK BUILDING ,ALL ROOMS AND COMMON AREA HAS FIRE SPRINKLER SYSTEM,
FIRE ALARM MONITOR SYSTEM
• ELEVATOR EXISTS AND NEED TO BE CERTIFIED FOR OPERATION
• OVER $275K CAPITAL IMPROVEMENT IN PAST 12 MONTHS
• 18 ROOMS UPDATED AND RUN AS HOTEL ROOM, 52 CURRENTLY WEEKLY EXTENDED STAY
• GREAT PROTENTIONAL FOR A FLAG OR BOUTIQUE HOTEL
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IMPROVEMENT PLAN
• FIX UP AND BRING THE PROPERTY UP-TO-DATE
1. INSTALL CENTRAL AC OR MINI-SPLIT AC IN ALL ROOMS
2. CHANGE MOST WINDOWS
3. MODERNIZE EXISTING ELEVATOR
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PROFORMA PROFIT & LOSS AFTER IMPROVEMENT
•Daily Average Rate $95 $150
Annual sales @100% Occupancy $2.43M $3.83M
Annual sales @80% Occupancy $1.94M $3.07M
Room rental NOI(at 35% sales) $0.68M $1.07M
Bar And Store Rent $0.08M $0.08M
Total Net Operating Income $0.76M $1.15M
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St Pete Downtown Hotel Daily Rates in Feb. 2018
(Red boxes are sold out properties)
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ST PETE DOWNTOWN HOTEL DAILY RATES IN JULY 2018
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St Petersburg Downtown Area Hotel Average Daily Rate over Whole Year
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EXPEDIA ST PETE DOWNTOWN 2016,2017 SALES COMPARISONYOY SALES INCREASE WELL OVER 20%