With 2 hotels for sale in Syracuse, investors are presented with a unique opportunity to capitalize on the city's strong economy and growing tourism industry. Hotels in Syracuse offer a diverse range of investment opportunities, from boutique establishments to large-scale resorts, each catering to a specific segment of the market. Whether you're looking to invest in a hotel that caters to business travelers, families, or students, Syracuse has a wide range of options to choose from. The city's strategic location at the intersection of Interstates 81 and 90 makes it an attractive destination for travelers, and its diverse neighborhoods, such as Armory Square, University Hill, and Little Italy, offer a unique blend of culture, entertainment, and education. Additionally, Syracuse is home to several prominent institutions, including Syracuse University, SUNY Upstate Medical University, and Le Moyne College, which attract visitors from across the country. With its rich history, diverse economy, and strong infrastructure, Syracuse is an ideal location for hotel investors.
Syracuse's hotels are situated in a city that is steeped in history and culture, with a population of approximately 150,000 people. The city's economy is driven by a diverse range of industries, including healthcare, education, retail, and manufacturing, which provides a strong foundation for hotel investments. In addition to its hotels, Syracuse is also home to a range of other commercial properties, including restaurants, apartment buildings, and shopping centers. For example, the city's restaurant scene is thriving, with a wide range of establishments serving everything from fine dining to casual fare. Apartment buildings in Syracuse offer a range of options for residents, from luxury complexes to affordable housing. Meanwhile, shopping centers like Destiny USA and Great Northern Mall provide a convenient and accessible shopping experience for locals and visitors alike. With its diverse economy, rich culture, and strong infrastructure, Syracuse is an attractive destination for investors and visitors alike.
What factors should I consider when buying a hotel in Syracuse?
When considering buying a hotel in Syracuse, there are several key factors to take into account, including:
- The current market conditions, with 2 available listings of hotels, an average price per square foot of $124 USD, and an average size of 43,398 square feet.
- The local economy, which is driven by major industries such as healthcare, education, retail, and manufacturing, and is home to prominent institutions like Syracuse University and State University of New York Upstate Medical University.
- The city's infrastructure and amenities, including the Syracuse Hancock International Airport, Interstate 81 and 90, and the William F. Walsh Regional Transportation Center, which provide easy access to the city and its attractions, such as the Everson Museum of Art and the Syracuse University sports teams.
Additionally, it's essential to consider financing options, such as CRE loans, which can help you secure the necessary funds for your hotel purchase. For more information on commercial real estate loans, check out our article at CRE loans.
How is the value of a hotel for sale typically calculated?
When evaluating hotels for sale in Syracuse, 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-generating potential, local market conditions, and the overall condition of the hotel. To learn more about the CRE appraisal process and how it affects the value of a hotel, check out our article at CRE appraisals, which provides an in-depth look at the methods used to determine a property's value.
