Parma, Ohio, a city located on the southern edge of Cleveland, offers a unique opportunity for investors to capitalize on the growing demand for hotels. With a strong focus on safety, a diverse economy, and a rich history, Parma is an attractive location for businesses and travelers alike. Hotels in Parma can cater to a range of clients, from families visiting the nearby University Hospitals Parma Medical Center to business travelers attending conferences at the local companies like General Motors and Cox Cable. The city's distinct shopping districts, such as The Shoppes at Parma, Ukrainian Village, and Polish Village, provide a variety of amenities and attractions for guests. Parma's proximity to Cleveland Hopkins International Airport and its well-developed infrastructure make it an ideal location for hotels. With a population of around 80,000, Parma offers a stable and growing market for hotel investors. The city's strong educational institutions, including Bryant & Stratton College and Cuyahoga Community College Western Campus, also contribute to the demand for accommodations.
Currently, there are 2 hotels for sale in Parma, offering a range of investment opportunities. The average price per square foot for hotels in Parma is $40 USD, with an average size of 45,283 square feet. The largest hotel available for sale has a size of 65,205 square feet. In addition to hotels, Parma also offers a range of other investment opportunities, including restaurants, apartment buildings, and shopping centers. Restaurants in Parma can benefit from the city's diverse cultural landscape, with a range of cuisines and dining options available. Apartment buildings in Parma can cater to the city's growing population, with a range of amenities and services available. Shopping centers in Parma, such as The Shoppes at Parma, offer a range of retail and commercial opportunities. With its strong economy, diverse culture, and growing population, Parma is an attractive location for investors looking to capitalize on the demand for hotels and other commercial properties.
What factors should I consider when buying a hotel in Parma?
When considering buying a hotel in Parma, Ohio, there are several key factors to take into account, including:
- The current market conditions, with 2 available listings of hotels, an average price per square foot of $40 USD, and an average size of 45,283 square feet, as well as a largest size of 65,205 square feet.
- The local economy, which is driven by the commercial sector, small businesses, and companies like General Motors and Cox Cable, and has seen growth and investment in redevelopment projects, such as The Shoppes at Parma.
- The accessibility and infrastructure of the area, with major roads like West 130th Street, Ridge Road, and I-480, as well as public transportation provided by the Greater Cleveland Regional Transit Authority, and proximity to the Cleveland Hopkins International Airport, which can impact the hotel's potential for attracting guests and generating revenue, and may also affect the need for CRE loans or commercial real estate loans, as explained in our article at CRE loans.
How is the value of a hotel for sale typically calculated?
When evaluating hotels for sale in Parma, Ohio, the value of a property is typically calculated through a comprehensive CRE appraisal, which takes into account various factors such as the property's income, expenses, and local market conditions. To learn more about the CRE appraisal process and how it affects the value of a hotel, check out our article at CRE appraisals, which provides an in-depth look at the methods and considerations involved in determining a property's value.
