Evansville, Indiana, is a prime location for investing in hotels, with a strong economy and a growing demand for accommodations. Hotels in Evansville offer a unique opportunity for investors to capitalize on the city's strategic location, rich history, and diverse attractions. As a hub for trade, transportation, utilities, education, health services, and manufacturing, Evansville attracts a wide range of visitors, from business travelers to tourists. With amenities like Bally's Evansville casino, Mesker Park Zoo, and a strong sports tourism industry, hotels in Evansville can cater to a diverse clientele. The city's well-developed transportation infrastructure, including the Evansville Regional Airport, I-64, I-69, and U.S. Highway 41, makes it easily accessible by air, road, and water. Additionally, Evansville is home to several notable institutions, including the University of Evansville and the University of Southern Indiana, which attract visitors and students throughout the year. With a population of over 118,000, Evansville offers a sizable market for hotel investors, with plenty of opportunities to establish a successful business.
Currently, there are 1 hotels for sale in Evansville, offering a range of investment opportunities. From boutique hotels to large chain establishments, Evansville's hotel market has something for every investor. In addition to hotels, Evansville also offers a range of other investment opportunities, including restaurants, apartment buildings, and shopping centers. For example, the city's downtown area is home to a variety of restaurants, bars, and shops, making it an attractive location for investors looking to capitalize on the local food and entertainment scene. Meanwhile, apartment buildings in Evansville offer a steady stream of rental income, with a growing demand for housing driven by the city's universities and major employers. Shopping centers, such as those found along the Lloyd Expressway, provide another investment opportunity, with a mix of local and national retailers drawing shoppers from across the region. With its diverse economy and attractions, Evansville offers a unique investment landscape, with plenty of opportunities for savvy investors to capitalize on the city's growth and development.
What factors should I consider when buying a hotel in Evansville?
When considering buying a hotel in Evansville, there are several key factors to take into account, including:
- The local economy, which is driven by industries such as healthcare, finance, education, and manufacturing, and is home to major employers like Accuride, Ameriqual Group, and Berry Global, which can impact the demand for hotel rooms.
- The city's infrastructure, which includes the Evansville Regional Airport, I-64, I-69, and U.S. Highway 41, as well as public and private port facilities on the Ohio River, which can affect the accessibility and convenience of the hotel's location.
- The availability and affordability of financing options, such as CRE loans, which can be used to purchase and renovate a hotel property, and can be explored through resources like our article on commercial real estate loans.
In addition to these factors, it's also important to consider the current state of the hotel market in Evansville, including the 1 available listings, with an average price per square foot of $177 USD and an average size of 61,244 square feet, as well as the average cap rate of 9.05%.
How is the value of a hotel for sale typically calculated?
When evaluating hotels for sale in Evansville, Indiana, the value of a property is typically calculated through a comprehensive CRE appraisal, which takes into account various factors such as the property's income, expenses, and local market conditions. For instance, a CRE appraisal may consider the hotel's average daily rate, occupancy rate, and revenue per available room, as well as the local competition, amenities, and infrastructure, such as the Evansville Regional Airport and major roads like I-64 and I-69, to determine its value.
Learn more about the CRE appraisal process and how it can impact your investment decisions at CRE appraisals.
