Akron, Ohio, is a city that offers a unique blend of history, culture, and economic diversity, making it an attractive location for investors seeking to purchase hotels. With a rich history in rubber and tire manufacturing, Akron has evolved into a city with a diverse economy, including manufacturing, education, healthcare, and biomedical research. This diversity creates a strong demand for hotels, making them a solid investment opportunity in the city. Hotels in Akron can represent a range of investments, from boutique hotels to larger chain hotels, each catering to different segments of the market. The city's amenities, infrastructure, location, education, and geography make it an attractive place to invest in a hotel. For instance, the University of Akron, with its Goodyear Polymer Center and National Polymer Innovation Center, attracts visitors and students, creating a demand for hotels. Additionally, the city's location, about 40 miles south of downtown Cleveland, makes it an ideal stopover for travelers. The city's attractions, such as the Akron Art Museum, Stan Hywet Hall and Gardens, and the Akron Zoo, also draw in tourists, further increasing the demand for hotels.
Akron's hotels offer a unique opportunity for investors, with 1 listings available. The city's economy, driven by industries such as tire and rubber manufacturing, healthcare, and education, creates a strong demand for hotels. In addition to hotels, Akron also offers other investment opportunities, including restaurants, apartment buildings, and shopping centers. For instance, the city's restaurant scene, with its diverse range of cuisines, attracts visitors and locals alike. Apartment buildings, such as those in the Goodyear Heights and Firestone Park neighborhoods, offer a unique opportunity for investors seeking to capitalize on the city's growing population. Shopping centers, like those along the Ohio State Route 8, provide a convenient location for retailers and shoppers. Overall, Akron's hotels, along with its other investment opportunities, make it an attractive location for investors seeking to diversify their portfolios.
What factors should I consider when buying a hotel in Akron?
When buying a hotel in Akron, there are several key factors to consider, including:
- The current state of the hotel market in Akron, where there are currently 1 available listings, with an average price per square foot of and an average size of 215,975 square feet, ranging up to 215,975 square feet.
- The local economy, which is driven by industries such as rubber and polymer manufacturing, healthcare, and education, and is home to major corporations like Goodyear and FirstEnergy, which can impact the demand for hotel rooms.
- The city's infrastructure and amenities, including the METRO Regional Transit Authority system, the Akron Northside Station, and the Akron-Canton Airport, which can affect the accessibility and appeal of the hotel to potential guests, as well as the availability of CRE loans for financing the purchase.
It's also important to research the local tourism industry, which is supported by attractions like the Akron Art Museum, Stan Hywet Hall and Gardens, and the Akron Zoo, and events like the PGA World Golf Championships and the National Hamburger Festival, which can drive demand for hotel rooms. For more information on financing options, check out our article on commercial real estate loans.
How is the value of a hotel for sale typically calculated?
When evaluating a hotel for sale in Akron, Ohio, the value is typically calculated through a combination of factors, including the property's income-generating potential, its physical condition, and the local market demand. A CRE appraisal, as outlined in our article at CRE appraisals, would consider these factors, as well as the hotel's average daily rate, occupancy rate, and revenue per available room, to determine its value.
