Crowne Plaza JFK
172 Views
138-10 135th Avenue, Jamaica, NY
<p>The Anton Group at Marcus & Millichap is pleased to offer the Crowne Plaza JFK, a 335 key, 233,210 square foot full-service hotel near John F. Kennedy International Airport. The hotel is conveniently located at the Northwest corner of the Van Wyck Expressway and the Belt Parkway, just 0.25 miles from the airport terminals. The hotel is visible from both</p><p>major roadways. The nine-story property overlooks the airport grounds providing scenic views of departures and arrivals.</p><p><br></p><p>In 2016, the Property was gut-renovated. During the project, nearly every facet of the building was improved and modernized, including the guestrooms, bathroom fixtures, amenities, mechanicals and exterior. Business and leisure travel, particularly domestic travel, are quickly ramping up to 2019 levels. JFK Airport reported above 1,100,000 domestic</p><p><br></p><p>passengers in March 2022, just 4% off of March 2019 levels and almost triple the March 2021 figure. This has already had a substantial impact</p><p>on the Property - hotel occupancy exceeded 94% in April and May and is above 89% for 2022 (January - May). JFK Airport has historically been the busiest international terminal in North America. When international travel returns, RevPAR is poised for a robust increase. </p><p><br></p><p>Strong rebound from COVID-19: The Property’s occupancy rate has exceeded 80% every month since May 2021, including 96.9% in April and 94.2% in May and 97.3% in June 2022. June RevPAR was within 2% of the June 2018 figure and 5.1% of the historically strong June 2019 figure.</p><p>Valuable visibility: The hotel is positioned at the corner of the Van Wyck Expressway and the Belt Parkway, two of the regions most important travel corridors. Of the competing hotels, the Crowne Plaza is the easiest to see from both. Furthermore, the hotel is directly off of the highway allowing quick access to Terminal A (7 minutes) and Midtown Manhattan (45 minutes to Grand Central Terminal) </p><p>Forever strong location: JFK Airport is the sixth busiest airport in the United States in terms of passengers and flights. The airport historically ranks first in international travel, a sector that has not yet rebounded from COVID-19 but should dramatically increase market RevPAR in the near future. The airport services 84 commercial airlines and an additional 33 cargo airlines. Non-stop flights are available to 185 locations on six</p><p>continents. Furthermore, there are plans for approximately $20B in airport improvements that will substantially increase capacity in the medium term. These improvements should begin to come on-line in 2023.</p><p>Well maintained property: The property was gut-renovated in 2016. The scope of work included all aspects of the building, including renovation of all guestrooms and public spaces, the installation of a new HVAC system and upgraded elevators and fire and life safety systems. The building’s exterior was also refurbished. The PIP is scheduled for completion in 2022.</p><p>Can be delivered unencumbered by management: The existing management agreement can be canceled at any time.</p><p>Hedge on inflation: No other commercial property type compares to hospitality in a high-inflationary environment. Hotel owners can increase rates on a daily basis to respond to shifting economic conditions.</p><p><br></p>