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Classic Auction - Hospitality

Avalon Hotel - Reposition to a Brand or Multi-Family

16 W 10th St, Erie, PA 16501

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  • Asset Type
  • Real Estate
  • Property Type
  • Hospitality
  • Land Area
  • 1.31 Acres
  • Year Built
  • 1978
  • Year Renovated
  • 1995
  • Number of Floors
  • 8
  • Number of Buildings
  • 1
  • Parking Count
  • 110
  • Hospitality Type
  • Full Service
  • Number of Rooms
  • 193 Rooms
  • Function Space Area
  • 25,000 Sq Ft

Avalon Hotel - Reposition to a Brand or Multi-Family

Investment Highlights

  • Located in an Opportunity Zone with Tax Credits, Abatements, and Public Funding Available
  • Nearly 25,000 Square Feet of Meeting & Event Space
  • Operational Upside - Hotel Currently Only Operating 130 Out of 193 Rooms
  • Full Renovation Needed and Potential Rebranding Opportunity (DoubleTree by Hilton, Crowne Plaza by IHG or Delta by Marriott)
  • C-3 Zoning Allows For Conversion to A Multitude of Alternative Uses Including Multifamily
  • Priced Well Below Replacement Cost
  • Growing Market with Year-Round Demand Generators

 

Offering Details

The 193-room Avalon Hotel & Conference Center in Erie, PA is a full-service hotel located in the heart of downtown Erie at the intersection of State Street and West 10th Street. Originally built in 1977-78 as a Hilton Hotel and converted to the Avalon Hotel & Conference Center in 1995, the eight-story Hotel is a short walk from the Erie Insurance headquarters, UPMC Hamot Hospital, Gannon University, Erie Playhouse, Warner Theater, UPMC Park and Erie Insurance Arena, and a variety of additional key demand generators.

The Property presents a great opportunity for a buyer to enter into a growing, diverse market that is experiencing nearly $750 million in ongoing private, public, and philanthropic investment. The Property itself is located within an Opportunity Zone and qualifies for additional public assistance, as it is located in the heart of Erie's ongoing revitalization and transformation movement, the Flagship Opportunity Zone. Erie, the largest city in northwestern Pennsylvania, has several large industries such as manufacturing, education, health care, and technology, which fuel the economy and bring business demand to the lodging industry. The city features year-round demand generators, as it is home to Gannon University, Mercyhurst University, Penn State Erie - The Behrend College, Lake Erie College of Osteopathic Medicine (LECOM), the Presque Isle Down casino and horse track, Presque Isle State Park, Waldameer Park & Water World, Erie Art Museum, Erie Zoo, a diverse mix of corporate and industrial demand generators, and over 20 boutique wineries. In short, the offering represents the opportunity to acquire an exceptionally-located full-service Hotel with great visibility in the heart of a growing, diverse market.

With multiple revenue streams, including event space, and two restaurants, the Property is well prepared to capture the diverse demand available in the market. Though the Hotel's cash flows improved from 2017 to 2019, it has historically underperformed and is currently only operating 130 out of the Property's 193 rooms, as the other rooms are not currently rentable or used by the Property. The Hotel would greatly benefit from refreshed marketing and operational strategies. A new owner will be able to step into a cash-flowing Hotel with ample operational upside opportunity in a growing market.

The Hotel would benefit from a comprehensive renovation and complete repositioning to more effectively capture the ample demand present in the Erie market. Alternatively, there are a multitude of alternative uses, such as multifamily and student housing, available as well due to its flexible zoning.
 

Guestrooms
The Hotel's guestrooms contain a mix of Double-Double and King rooms. All guestrooms feature in-room televisions, desk with chair, dresser, nightstands, lamps, and storage space. A breakdown of guestroom types is displayed below.

Amenities
The Hotel is complete with full-service guest amenities including a two restaurants, Bolero Tapas and Wine and 814 Chophouse, a fitness center, indoor swimming pool, a private outdoor courtyard and garden, and approximately 24,769 square feet of meeting and event space, including two ballrooms and 12 meeting rooms.

Property Tours: Available by Appointment Only on September 30, October 1 and October 6. If these dates do not work please call Ketan Patel at 410-598-7595 to schedule an alternative date.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

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Platform Fee

The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

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Auctioneer

  • Lamar P. Fisher

    Fisher Auction Company Inc.

    License: AU005925