Motel Property Repurposing/Ground Lease/National Tenant

Motel Property Repurposing/Ground Lease/National Tenant

North Augusta, SC · Member since 2017 · 26 posts · 1 vote
property pics

Hello BP members.  I am a newbie poster to this particular site.  Thank you in advance for any help.  So I recently took over family lodging business.  Below are some specs I was able to ascertain:

Land:  14810 SF

Type: Motel

Wall Height 10

Stories: 2

Bldg:  8200 SF

Framing Masonry bearing walls

Exterior Walls Stud -Brick Veneer;

Actual Year Built 1986

Elevator 0

It has been a family run place since its inception, having been reared in the hotel/motel business since age 10.  It is with this vast years of knowledge/experience that leads me here.  I would like to repurpose the property away from lodging operations which is not a consistent revenue generating proposition and into a long term land-lease agreement from any industry sector company who will use the building/land to fit their needs?  I am not looking for a get quick-rich scheme.  While I hold a MS in Hospitality, I do not consider myself a business tycoon.  I really just do not know where to start.  I have sought out non-profits such as SCORE.org and SBDC which led me here.  Thank you again.  

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  • Investor · Houston, TX · Member since 2013 · 195 posts · 102 votes
    9y

    We have hotels where we had excess frontage land that we leased out. Difference was that the buildings were developed by us. I looked at the location. A ground lease is possible by a potential retail tenant depending on how other competitors are faring in sales per sqft. How much is the hotel making currently

  • Golden, CO · Member since 2016 · 145 posts · 61 votes
    9y

    Hey Hemal, I have seen a number of similar projects re-purposed to assisted living facilities. Obviously, there would be a number of upgrades that would have to be done but assisted living facilities have shown very strong occupancy rates over the last few years and therefore demand is high.

    Hope this helps.

  • Gene GuarinoPro Member
    Residential Assisted Living · Tempe, AZ · Member since 2015 · 162 posts · 98 votes
    9y

    Consider an "adult friendly" conversion.  Long term residents that are 55 and over.  Then create a section that is an actual "assisted living" facility within the project.

    Gene

  • North Augusta, SC · Member since 2017 · 26 posts · 1 vote
    9y

    Hi all. thanks so much for your assistance. However, lodging operations of any type is what I would like to venture away from. With the room/lavatory set up in each room, could it be leased out as a NNN lease to a MedNOW, CPC, or other urgent care clinics. These medical facilities have been popping up all over the area and the land usage looks quite minimum and from what I can see, our property is more than large enough. I am certainly not a building expert. Thank you for the banter...Hemal

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