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StoneFort Inn - A Boutique Hotel
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| $183 Turn-Key too include furnishings. | USD per square foot |
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| CONTACT INFORMATION |
PROPERTY DETAILS
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ADDITIONAL ROOMS:
4
YEAR BUILT:
1909
# OF BATHROOMS:
19
LEVELS:
3 with partial basement - Bedrooms on top two floors, common areas on main level, plus partial basement.
GROSS BUILDING AREA:
15,000
GUEST ROOMS:
16 - Each has two-person jetted tubs, separate Heat/Air, most have fire places, and 8 have balconies.
LOT SIZE:
15,000
OWNERS QUARTERS:
Not currently, A Suite could be easily converted reducing the total rentable rooms to 15
PARKING:
Adjacent and across street. Both are leased. A daily charge of $5/guest covers the cost plus some.
PRICE PER SQUARE FOOT:
$183 Turn-Key too include furnishings.
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| DESCRIPTION | |
Business and property sold 4.07......
Our guests relax in cozy elegance at the historic, 16-room StoneFort Inn, a Chattanooga Bed & Breakfast located in the heart of downtown. This historic register landmark is within walking distance of Chattanooga's fine restaurants and most popular attractions, including the Tennessee Aquarium, Imax Theatre, and outlet shopping at Warehouse Row. The boutique hotel's convenient central business district location with high speed connects and meeting space is a favorite for business travelers.
The StoneFort Inn's balconies, fire places, two-person jetted tubs, and egyptian cotton sheets contribute toward romantic and memorable wedding nights, anniversaries, weekend getaways. Our guests visit Rock City, Ruby Falls and the TN Aquarium (we are the official bed and breakfast sponser) while staying at the StoneFort Inn. We are smoke-free, however we offer exterior balconies and outdoor seating areas. Our guests come to relax and enjoy the elegance of this historic landmark; therefore, the StoneFort Inn is not suited for children under 12 years of age. Exceptions may be made when a group reserves exclusive use of the facility.
We converted a 32 room urban hotel into the South's finest 16-room urban boutique hotel. The transformaiton included the disassembly of the building's historic feature while replacing all mechanicals, plumbing, electrical, roof, windows, skylight, etc. and of course installation of fire-safety requirements that exceed local and historic standards.
Our room rental budget FY2006 is $600,000 ($50,000/month) comparing to our FY2005 annualizd income of $508,000 ($42,000/month). We should end up around 44% occupancy FY2005. Very rough estimate on gross potential income (room rental alone) should be in the $1,100,000 to $1,200,000 range; incidentals would be between $75,000 to $100,000.
The former restaruant space with equipment should lease for no less than 50,000 year. We have chosen to do special events; our budget is to gross $125,000 netting $62,500 next year . Our expense budget is not unrealistic FY2006 at 53% resulting in an achievable $368,000 NOI.
This is a unique opportunity for hands-on operators. We manage off-site, you could create a living quarters if you took one suite from rental pool leaving you 15 rooms.
Terms of Sale: Cash Preferred (of course)- Some Owner Financing Possible - Continued partnership not out of the question. Partial trade for Coastline real estate would also be considered. Current owner is a real estate investor. This investment is already hitting 50% occupancy with strong gross rents. The property would be best suited (and have a higer return) with an on-site owner operator that has a strong corporate and special event/restaurant background. Current annual management expense exceed $125,000 per year due to offsite management.
See loopnet.com for more info.
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