The Passport Group has been retained as exclusive broker to offer the feesimple interest in the Howard Johnson, Marina at Monterey Bay, hotel located at 416 Reservation Rd, Marina, California. The property also includes the Valero gas station with convenience store. The hotel is two story, exterior corridor with 38 guest units and a large manager’s unit. The gas station has 12 pumps with a convenience store. This is an exceptional opportunity to acquire a cash flowing asset with duel revenue sources. Investment demonstrates a 7% cap rate.
Hotel Investment Highlights
Dual Branding: Howard Johnson motel and Valero gas station. Ease of operation and consistent cash flow year round.
TripAdvisor Ranking: The Howard Johnson is the #1 rated Tripadvisor hotel in Marina beating out the Comfort Inn and Holiday Inn Express. The property has been #1 for over three years.
Excellent Visibility: Located on the corner of Reservation Road and California Blvd, the property is a prime location for gas with easy access from both roads and the hotel sits at the back of the property
Multiple Demand Generators: Located in Monterey County, off the famous CA Highway 1, the property is minutes from the beach, national parks, aquarium, raceway and the communities of Monterey and Carmel. CSU Monterey Beach is a seven minute drive.
Gas Station: Nationally recognized brand, Valero. Station has three below ground tanks at 20,000 gal capacity for each tank. 12 pumps. This gas station has contributed over $3,500,00 in gross revenue this past year.
Cap Rate: 7%
Property Name: Howard Johnson and Valero Gas Station
Address: 416 Reservation Rd
Number of Rooms: 38 guest rooms with a large manager’s unit 12 gas pumps
Site Area: 50,072 sq ft 1.149 acres, Hotel Size: 14,946 sq ft
Listing Price: $13500000
Ownership Interest: Fee-Simple
Jeff Durham is a founder of The Passport Group. Jeff has a wealth of experience in the hotel and hospitality industry which began at the early age of 16. He is a hotel broker, an independent hotel owner and expert in consulting hotel owners into transitioning to becoming an independent hotel operator.
Joe Wolosz co-founded The Passport Group in 2003. His 17+ years of experience in national hospitality brokerage affords him the in-depth understanding of the intricacies of hotel operations, valuations, financing, and franchise ownership.