Columbus, Ohio, is a prime location for investing in hotels, with its diverse economy, rich cultural scene, and strong educational institutions. As the 14th most populous city in the U.S., Columbus offers a unique blend of small-town charm and big-city amenities, making it an attractive destination for business travelers, tourists, and students alike. Hotels in Columbus can cater to a wide range of clients, from families visiting the Columbus Zoo and Aquarium to professionals attending conferences at the Greater Columbus Convention Center. With its central location, Columbus is easily accessible by car, air, or bus, making it an ideal hub for travelers. The city's amenities, including its many parks, museums, and cultural institutions, provide a high quality of life for residents and visitors, while its strong economy, driven by key industries like education, healthcare, and technology, ensures a steady stream of business travelers.
Currently, there are 3 hotels for sale in Columbus, offering a range of investment opportunities. From boutique hotels in the trendy Short North neighborhood to larger properties near the airport, there's a hotel to suit every investor's needs. Columbus is also home to a variety of other commercial properties, including restaurants, apartment buildings, and shopping centers, providing a diverse range of investment options. Restaurants in Columbus, for example, can capitalize on the city's thriving food scene, while apartment buildings can cater to the city's growing population of students and young professionals. Shopping centers, meanwhile, can take advantage of the city's strong retail market, driven by its many universities and hospitals. With its unique blend of small-town charm and big-city amenities, Columbus is an attractive location for investors looking to diversify their portfolios.
What factors should I consider when buying a hotel in Columbus?
When buying a hotel in Columbus, there are several key factors to consider, including:
- The local economy, which is driven by major industries such as education, insurance, banking, and healthcare, as well as the presence of major corporations like Nationwide Mutual Insurance Company and American Electric Power.
- The demand for hotel rooms, which can be influenced by the city's attractions, such as the Columbus Zoo and Aquarium, the Ohio Statehouse, and the Franklin Park Conservatory, as well as its proximity to major highways like Interstate 70 and Interstate 71.
- The availability of financing options, such as CRE loans, which can be used to purchase and renovate a hotel property (learn more about CRE loans at commercial real estate loans). Currently, there are 3 hotel listings available in Columbus, with an average price per square foot of $66 USD and an average size of 44,978 square feet. The largest hotel property available is 50,515 square feet, and the average cap rate is 10%.
How is the value of a hotel for sale typically calculated?
The value of a hotel for sale in Columbus, Ohio is typically calculated using a combination of methods, including the income approach, which involves estimating the hotel's potential income and expenses, and the sales comparison approach, which involves analyzing the sale prices of similar hotels in the area. For a more in-depth understanding of the hotel valuation process, it's recommended to consult a CRE appraisal expert, as outlined in our article at CRE appraisals, which provides a comprehensive guide to commercial real estate appraisals.
