Scranton, Pennsylvania, offers a unique opportunity for investors to capitalize on the city's growing economy and rich cultural heritage. With a diverse range of industries, including healthcare, academia, and manufacturing, Scranton is an attractive location for businesses and travelers alike. Hotels in Scranton are a sound investment, providing a steady stream of revenue from tourists and business travelers. From luxury resorts to budget-friendly options, hotels in Scranton cater to a wide range of needs and preferences. The city's amenities, such as the Lackawanna County Library System and the PNC Field, make it an attractive destination for visitors. Additionally, Scranton's location, situated 77 miles north of Allentown and 120 miles northwest of New York City, makes it an ideal stopover for travelers. The city's rich history and cultural attractions, including the Everhart Museum and the Houdini Museum, also draw visitors from across the region.
Scranton's hotels are situated in close proximity to various attractions, including the Steamtown National Historic Site and the Lackawanna Coal Mine tour. The city's neighborhoods, such as North Scranton and Southside, offer a unique blend of culture and entertainment. In addition to hotels, Scranton 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, from fine dining establishments to casual eateries. Apartment buildings in Scranton offer a range of options for renters, from luxury apartments to affordable housing. Shopping centers, such as the Mall at Steamtown, provide a convenient location for retailers to set up shop. With its diverse economy and rich cultural heritage, Scranton is an attractive location for investors looking to capitalize on the city's growth and potential.
What factors should I consider when buying a hotel in Scranton?
When considering buying a hotel in Scranton, there are several key factors to take into account, including:
- The current state of the local economy, which is diversifying from its industrial roots and features a strong presence of healthcare, academia, and manufacturing industries, as well as a growing arts and cultural scene.
- The demand for accommodations, driven in part by the city's attractions, such as the Scranton Iron Furnaces, Steamtown National Historic Site, and the Lackawanna Coal Mine tour, as well as its proximity to major highways and the Wilkes-Barre/Scranton International Airport.
- The availability and affordability of commercial real estate loans, such as CRE loans, which can be used to finance hotel purchases and renovations, as outlined in our article at commercial real estate loans.
Additionally, it's essential to research the local hotel market, including the 1 available listings, with an average price per square foot of $157 USD and an average size of 21,616 square feet, as well as the average cap rate of.
How is the value of a hotel for sale typically calculated?
When evaluating a hotel for sale in Scranton, Pennsylvania, the value is typically calculated through a comprehensive CRE appraisal, which takes into account various factors such as the property's income-generating potential, local market conditions, and the overall demand for accommodations in the area. To learn more about the CRE appraisal process and how it affects the value of a hotel for sale, check out our article at CRE appraisals.
