Westland, Michigan, is a city with a rich history and diverse economy, making it an attractive location for investors looking to purchase hotels. With a population of around 80,000 residents, Westland offers a stable market for hotel owners. Hotels in Westland can cater to various types of travelers, including business professionals visiting the nearby Ford Motor Company's William D. Ford Assembly Plant, families exploring the city's parks and historical sites, and individuals seeking medical care at Beaumont Hospital - Wayne. The city's amenities, such as the Westland Public Library and automated recycling services, contribute to its appeal. Additionally, Westland's proximity to Detroit, approximately 18 miles away, provides easy access to a wider range of attractions and entertainment options. The city's diverse economy, with major sectors in manufacturing, retail, healthcare, and education, ensures a steady stream of visitors. With 2 hotels for sale in Westland, investors have a range of options to choose from.
Westland's hotels can benefit from the city's existing infrastructure, including major roads like Ford Road, Warren Road, and Wayne Road, and the nearby Detroit Metropolitan Wayne County Airport. The Westland Shopping Center, a major retail hub, also serves as a key connection point to other areas in the region. In addition to hotels, Westland offers other investment opportunities, such as restaurants, apartment buildings, and shopping centers. For instance, restaurants in Westland can capitalize on the city's diverse population and proximity to Detroit, while apartment buildings can cater to the city's growing workforce. Shopping centers, like the Westland Shopping Center, can provide a range of retail options for residents and visitors. With an average price per square foot of $112 USD and an average size of 135,140 square feet, hotels in Westland offer a competitive investment opportunity. The largest hotel property available in Westland spans 260,885 square feet, providing ample space for amenities and services. With an average cap rate of , hotels in Westland can provide a stable return on investment.
What factors should I consider when buying a hotel in Westland?
When considering buying a hotel in Westland, Michigan, there are several key factors to take into account, including the current market conditions, local amenities, and infrastructure.
- The current market conditions in Westland indicate that there are 2 available listings of hotels, with an average price per square foot of $112 USD and an average size of 135,140 square feet, ranging up to 260,885 square feet.
- Westland's local amenities, such as its full-time police department, fire department, and public library, as well as its numerous parks, including Hines Park, can attract visitors and support the success of a hotel.
- Infrastructure is also a crucial consideration, with major roads like Ford Road, Warren Road, and Wayne Road providing easy access to the city, and Detroit Metropolitan Wayne County Airport located approximately 13 miles away, making it an attractive location for travelers.
Additionally, it's essential to consider financing options, such as commercial real estate loans (CRE loans), which can help make your hotel purchase a reality. For more information on CRE loans, check out our article at commercial real estate loans.
How is the value of a hotel for sale typically calculated?
When evaluating hotels for sale in Westland, Michigan, 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 impacts 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.
