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Listing ID: 2780896

Hotel in Sudbury 22 Rooms Major Renovation to New Condition - 825,000 For Sale

Ontario, Canada

CA$ 825,000

(Furniture / Fixtures included)
(Real Estate Included)

Revenue: not disclosed

Cash Flow: not disclosed

Business Description

Great to start the Hotel running your way or perfect for a senior residence. Location is near to a hospital
The hotel has 22 rooms, a retail space on the main level and a lower level with high ceilings.7363 Sq feet on an acre lot.
The price has been reduced to well under cost at $825,000 because it is not yet running. Many dedicated sources of business available only to this hotel makes it an incredible opportunity. Expect it to be very busy.
First mortgage financing has been arranged if you desire and qualify.
Hotel has undergone a massive multi year renovation from the bricks up to occupancy permit. Everything is new. Meets all 2017 codes and has engineering and fire inspection reports.
Top 14 rooms ready on day one for rental and main floor 8 rooms need minor finishing.Main floor store ready on day one, there are wide stairs at the back making it perfect for a restaurant with the cooking area in the lower level and washrooms. Rest of lower level good for more hotel rooms or a Canada Post/UPS outlet or a bait and fishing supply place for all the surrounding lakes and traffic.
The hotel is local and stands alone to service five blockbuster international businesses, the Trans Canada Highway, two major road construction projects and Lake Penage. There are no other hotels, restaurants or competition for 15 KM in all directions.
Points:
1. For the traveler or trucker with business in Sudbury, staying at this Hotel can give them a thirty minute head start on the return trip the next day.
2. The Hotel is 1 minute from a major intersection on the TransCanada which has 10,000 cars per day traffic.
3. The Hotel is 1 minute from Legend Boats, which has gone another renovation and expansion. Beautiful facility with the front facing on Highway 17 and on the rear of the building on the lake where boats can be test driven and boating instruction can occur. Can't be many places where this kind of arrangement can be found.
They engage in boat training and have international guests as well as clients attending this their main plant and where the boats are built.
Potential to comp or otherwise use hotel rooms for their boat customers, in our hotel rather than one in Sudbury without the abuse of offering subsidized rooms to travelers interested in a free Sudbury trip and not the boats. Not likely to abuse our Hotel which is 30 minutes out and basically across the street from the Boat factory.
4. Power Tel is a multi building large conglomerate between the Hotel and Lake Penache in the middle of nowhere. They have Atlantic and Manitoba offices and projects around the country. They have a large need for hotel services for their international visitors and employee training which occurs regularly at this site.
They have a year round business maintaining and clearing and servicing power lines. Their staffing needs vary and could easily have 200 workers on site. They alone could easily permanently fill the Hotel.
5. Power Trax is an international manufacturer of tracked vehicles. They are also between the Hotel and Lake Penache in the middle of nowhere. Power Trax has international visitors and staff with a need for hotel services.
6. Slightly further along hwy 10 towards Lake Penache is:
Northern Legacy Horse farm on 320 acres, horse breeders and trainers, who are hosting two hunter jumper competitions in August 3-5 and August 17-19 2018 with free admission.
Penage Golf course and community centre
HiaMedia advertising, signs, promotional material and stationary
7. Victoria Mine is 14 minutes from the hotel and just finishing a $750,000,000 renovation and upgrade. Internationally owned and 200 additional workers expected eventually.
8. Totten Mine is 11 minutes from the hotel and has finished a $750,000,000 renovation and upgrade. Also internationally owned and expecting 200 more workers. The mines with their employees, visitors and international owners have a huge need for hotel services.
9. The local residents have no stores of any kind for 15Km. No restaurant or convenience store for any of the business or residents in the area or people at Lake Penache. Takes a 30 minute round trip to go to Lively for food or supplies. Not viable for lunch. 6 minute round trip for Power Tel and Power Traxx and 2 minutes for Legend Boats.
10. 15Km to heavily populated Lively and 30Km to downtown Sudbury, a major Canadian business centre. Was considered for a bus stop and would be perfect for a Canada Post or UPS outlet to service the local businesses.
11. There are several major road construction projects around the hotel. Certainly there is a need for workers and oversight for hotel services in the area.
12. Can arrange fishing packages with Penage Lake Marina which is 13 minutes away. Penache Lake is an excellent lake for fishing. How about putting a sign on the Trans Canada - take a fishing break from your trip - 15 minutes to the Lake Penache water and the marina fishing package from here.
13. Can be converted to a seniors home or sold off as a condominium as it is within half an hour from a major trauma centre for any medical care.
14. Really good for new Canadian Immigrants. Can sponsor and house family in the Hotel and feed everyone from the revenues. Why go to Sasketchewan?
15. The last appraisal was in 2015 for $900,000 mid renovation before occupancy was achieved $320,000 later.
16. The insurance recently estimated replacement value at over $1,200,000
17. Asking price is $825,000 for 7363 Sq ft on an acre. Maintenance and taxes are really reasonable. Condition is new. Where do you get a quality start in the business for so little? It is less than the price of a house that size. In a large city with five major businesses in the immediate vicinity, any of whom could easily fill the hotel permanently, with no competition for 15 Km and so many other options for revenue. So much more opportunity than opening in Downtown Sudbury adjacent to a dozen other Hotel competitors.
18. Hotel has been on site for decades and is well known by residents of Sudbury.
19 Sudbury has a million visitors a year. It has some of the best fishing, hunting anywhere in the world. Algonquin Park, Kilarney, French River are nearby.
20. First mortgage can be arranged for most purchasers if needed. Please talk to Steve 416 419 5021 for more information and photos.
Thanks for your consideration
I would like to move it quickly if possible.

Kindly contact us for more details.
Jeff

Property Details

Property Type:

Real

Real Estate Value:

CA$ 1,600,000

Other Details

Business Location:

At or near the crossroads of 4 highways, the TransCanada, Highway 10 to Penache Lake and many businesses along the way, Highway 3 to the Totten and Victoria mines and Highway 17 past Legend boats to Lively and Downtown Sudbury.

Premise Details:

Multi Year extremenly extensive and very costly renovation. Selling for near the purchase price.

Competition:

None within 15 Km

Expansion Potential:

Large. Was considered for bus stop but Hotel was not running at the time. Whitefish has no bus stop and no post office and no restaurant and no convenience store. Would be the center of town. Could house car rental, boat rental, fishing supplies, office space and whatever direction you choose to take.

Living Accommodation?

Yes
Can stay on the main floor rooms. There is a partially built home that can be packaged with the deal.

Miscellaneous

Reason For Selling:

Main lender demanded all the money now.

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