846 King St E Gananoque, Ontario K7G 1H3

$6,999,000

78 ROOM HOTEL ""RAMADA BY WYNDHAM"" for Sale in heart of Gananoque getaway to the 1000 ISLANDS just east of Kingston, Ontario. All Rooms have been fully renovated and upgraded during the last 4 Years, The Owner has spent over $1.2 Million in renovation and upgrades. The Hotel is spread over 9 acres of commercial gateway zoned land right off the 401. The huge commercial lot offers great opportunities for future development and is conveniently located less than a minute off the highway. Located near the Shorelines Casino & the 1000 Islands cruise line, the hotel stays very busy from June to October as the region attracts many local and international visitors. The hotel also accommodates groups and tour buses from all over the world. The hotel is just minutes away from restaurants, grocery stores, schools, banks, and LCBO and about a 15-minute drive from the Hill Island border to USA. Currently the swimming pool is under renovation (will be ready in few weeks at about $125K costs). The seller has recently done an appraisal in April 2024 by a bank approved ACCI appraiser and the listing price justifies the market value of the property. The selling price is under $90,000 PER KEY with the CAP RATE over 8.5%. Smart investors don't miss the opportunity to grab this 78-rooms hotel sitting on over 9 acres of land. **** EXTRAS **** Accountant prepared financial statements and other confidential documents will be provided after the offer acceptance. Income and expenses summary will be provided to the qualified buyers upon signing the confidentiality agreement. (id:50886)

Property Details

Building

Land

https://www.realtor.ca/real-estate/26848905/846-king-st-e-gananoque