Click on any photo for a larger, more detailed view

Location: New Jersey, Atlantic City Area
Number of Units: 20
Year Constructed: 1990
Corridors: Exterior
# of Stories: 2
Chain Affiliated ? : Yes
Cost to Transfer Franchise: $ 1000
AAA Rated ? : Pending

Asking Price: $ 1,890,000 now $ 1,725,000
Gross Rooms Revenue: $ 350,000 (Projected for 2008)
Gross F&B Revenue: N/A
Gross Other Revenue:  N/A
Annual Property Taxes: $ 9,087
Annual Insurance Costs: $ 3,300
Seller/Private Financing Available ?: Yes, Seller Financing and
Lease-to-Purchase Option Offered (See Below)

Other Property Included: N/A

Other Information: This property is solidly-built, and is currently closed, undergoing an extensive renovation, inside and out.  (The pictures above are "before renovation", check back periodically for updates.)  When the renovation is completed, the property will feature a new, upgraded exterior and lobby, 32" LCD HDTVs in the guestrooms, granite vanities, curved shower rods, a business center and wireless high-speed internet access.   A large managers quarters in a separate building is also included, great for an owner-operator.   The property utilizes well water and its own septic system, eliminating costly, ongoing public water/sewer expenses!   Competition in the immediate market is limited, with only two lodging properties nearby, both enjoying rates of $100-plus.   This property is being offered for sale via an outright purchase, with seller financing available (terms negotiable) or a lease-to-purchase arrangement.  The lease-to-purchase option enables a buyer to move into the property quickly, with considerably less down-payment than is required for conventional financing.

Lease-to-Purchase Notes : Minimum $200K Down Payment, seller will finance balance; monthly lease payments calculated per 30 year amortization (approximately $ $12,400 per month).   At the end of lease term (maximum 3 years), lease must convert to purchase with remaining principle due at that time, financed via an outside source.   All principle paid during lease period shall apply towards principle balance due when lease converts to purchase.

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Interested? If you would like to obtain more information about this property-for-sale, please complete and submit the form below.  Upon receipt of this form, the property owner will be notified of your inquiry, and you will receive a subsequent email, sent to the Email address you specify below, from LodgingIndex regarding this property.   Thereafter, discussions can start directly between you and the property owner.   In order to receive additional information, please make sure that you complete the form below and include an accurate, valid EMail address!   By submitting the form below, the inquirer agrees that all subsequent information obtained as a result of this inquiry is strictly confidential and is not to be disclosed to or shared with any outside parties.  Please refer any additional interested purchasers directly to www.lodgingindex.com.

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