Update: HFF announced that it has closed the sale of this hotel and conference center in October. Please visit our Property Search page for a current listing of commercial properties for sale.
Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing the 309-room DoubleTree by Hilton Hotel Burlington & Conference Center for sale. The hotel is unique within its competitive set and benefits from its proximity to the University of Vermont, UVM Medical Center and downtown Burlington. Additionally, the hotel for sale offers investors the opportunity to acquire the largest hotel and conference center in the state of Vermont at a basis well below replacement costs.
The hotel is located at 870 Williston Road in Burlington, Vermont’s largest and most vibrant city. Burlington is home to various colleges and universities, the UVM Medical Center, large corporations and strong tourism demand. Visitors are drawn to the city’s historic downtown; its location on the banks of Lake Champlain; its breweries, chocolateries and farm-to-table restaurants; and its endless recreational activities ranging from water sports, golfing and hiking in the summertime, to skiing and snowboarding in the winter months – making it an exceptionally popular leisure destination year-round.
Formerly a Sheraton, the hotel is in the process of converting to a DoubleTree by Hilton and is currently undergoing a $4.5 million renovation ($14,563 per key), which includes comprehensive updates to the guest arrival area, the front desk, the entire lobby, and the restaurant and lounge, reducing the renovation needs a new owner would face. Remaining PIP requirements would primarily focus on the hotel’s meeting space, guest rooms and guest bathrooms.
In 2016, the hotel for sale achieved strong in-place cash flow with net operating income at a 25.8-percent margin. Following the completion of the renovations, and the hotel’s repositioning as an industry leading DoubleTree by Hilton, investors will benefit from significant upside. The hotel is currently brand-managed but is being offered unencumbered of management.
The DoubleTree by Hilton Hotel Burlington & Conference Center offers investors the opportunity to acquire a full-service, recently-renovated, hotel and conference center that is the largest in the state and is unencumbered by management. For more information on this hotel for sale or other hotel properties available, please contact Denny Meikleham, Alan Suzuki or Matthew Enright in HFF’s Boston office. For financing inquiries, please contact Jennifer Keller. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.