The hotel is located in the heart of downtown on highway 7, the third most picturesque drive in the nation. It is on a turn of the century through fare surrounded by the national park mountains. It is the in middle of the arts and antique district with turn of the century hotels, restaurants and shops making it the number one leisure destination in the state.
The racetrack and casino are 3 miles down the street then 2 miles to the mall and then 2 miles to the lake. The area also attracts retirees because of the low cost of living and cheap golf.
Hot Springs Village, about 15 minutes away is about sold out with 12,000 residents by itself is advertised throughout the south as a premier retirement area.
The hotel is ideal for conversion because of its 13 foot wide oversized rooms with oversized closets. Floor to ceiling glass window walls with 5 foot deep balconies in all units
The hotel is situated in a canyon on the main street so that all rooms have a mountain view of the national park both front and back
The conversion is simple in that you take two adjoining guestrooms, takeout 1 bathroom and insert a small kitchen where plumbing exists and you have a one bedroom unit. There are already twelve units with kitchenettes and an 8000 foot unit on the top floor with a value of $1.5 million by itself
With the penthouse at $1.5 million and the spa at a million the hotel cost at $4.9 is actually only $2.4 million for 150 bays or $16,000 per bay, Even with a conversion cost of $8,000 per kitchen you are in at $40,000, per two bay unit and estimated sales price of $140,000 per unit. Estimated upside up to 70 units @$100,000 profit is $7million. The selling price is passed upon $200 per foot quoted by a local realtor who sold $56 million of condos in Hot Springs last year. New projects in Little Rock are bringing $300-340 per foot.
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