Investing in hotels in Bloomington, Illinois, can be a lucrative opportunity, given the city's strong economy and growing tourism industry. Hotels in Bloomington offer a range of investment options, from boutique hotels to larger chain establishments, catering to various budgets and preferences. With its rich history, cultural attractions, and educational institutions like Illinois Wesleyan University, Bloomington attracts visitors and business travelers alike. The city's amenities, such as the Miller Park Zoo, the Bloomington Ice Center, and the Prairie Vista Golf Course, make it an attractive destination for leisure and recreation. Additionally, Bloomington's location at the intersection of Interstate 55 and Interstate 74 makes it easily accessible by car, while the Central Illinois Regional Airport provides connections to major cities. The city's strong economy, driven by major employers like State Farm and Country Financial, ensures a steady demand for hotel accommodations.
With 1 hotels for sale in Bloomington, investors have a range of options to choose from. The average price per square foot for hotels in Bloomington is $111 USD, with an average size of 62,936 square feet. The largest hotel property available measures 62,936 square feet. In addition to hotels, Bloomington also offers other investment opportunities, such as restaurants, apartment buildings, and shopping centers. For instance, restaurants in Bloomington can benefit from the city's growing food scene, with popular establishments like Beer Nuts and Dairy Queen. Apartment buildings in Bloomington can cater to the city's student population, with Illinois Wesleyan University and other educational institutions nearby. Shopping centers in Bloomington, such as the Downtown Bloomington area, offer a mix of local boutiques and national chain stores. Overall, Bloomington's diverse economy and attractions make it an attractive location for various types of investments.
What factors should I consider when buying a hotel in Bloomington?
When considering buying a hotel in Bloomington, Illinois, there are several key factors to take into account, including:
- The local economy, driven by major employers like State Farm Insurance and Country Financial, which can impact demand for hotel rooms.
- The city's infrastructure, including transportation hubs like the Central Illinois Regional Airport and the Bloomington-Normal Amtrak station, which can affect accessibility and convenience for guests.
- The availability of amenities, such as the Miller Park Zoo, the Bloomington Ice Center, and the Den at Fox Creek golf course, which can enhance the overall guest experience and attract visitors to the area.
Additionally, it's essential to research the current market conditions, including the average price per square foot of $111 USD, average size of 62,936 square feet, and largest size of 62,936 square feet, as well as the average cap rate of 7.56%. With 1 available listings of hotels in Bloomington, it's crucial to carefully evaluate these factors to make an informed investment decision. For more information on financing options, consider exploring CRE loans, also known as commercial real estate loans, as outlined in our article at CRE loans.
How is the value of a hotel for sale typically calculated?
When evaluating a hotel for sale in Bloomington, Illinois, the value is typically calculated using a combination of factors, including the property's income, expenses, and market data. A CRE appraisal, as discussed in our article at CRE appraisals, is often used to determine the hotel's value, taking into account its unique characteristics, such as its average daily rate, occupancy rate, and revenue per available room.
