38-05 Hunters Point Avenue, LIC, Red Roof Inn, On Market
The Red Roof Inn on Hunters Point Avenue, off the long Island Expressway, is on market for sale. Auction.com and HREC Investment Advisors are marketing the 80-guestroom Red Roof Inn Queens. The property was converted to a Red Roof in 2012. The hotel was a Holiday Inn Express when it was built in 2001 and an independent name operation before Red Roof took over.
Long Island City’s proximity to Manhattan and ease of Subway access is a big draw for hotel developers and operators to plant their flags in the region. Queens was named Lonely Planet’s top US Destination for 2015, which makes a Long Island City a near obvious choice for tourists looking to see all of New York City. Situated in between Manhattan and the rest of Queens and with great proximity to airports, travelers to New York City can find more cost effective alternatives to Manhattan in Long Island CIty, which is just minutes into Manhattan via a $2.75 subway ride.
The hotel boasts an 87.5 percent occupancy rate and current nightly rates are averaging at about $119/night according to Travelocity.com and Expedia.com. The bidding starts on Auction.com on June 22nd with a starting bid of $3.5 million and ends on the 24th. QueensBeans.com will update the progress on this sale and the hotel market across the borough.