Courtyard by Marriott Ithaca, NY

• Leasehold interest in the institutionally owned and third-party managed 107-room Courtyard Ithaca, NY
• Offered at a significant discount to replacement cost
• Available unencumbered of debt and management
• Ability to retain the Courtyard flag for a new long-term franchise agreement, subject to completion of the PIP and franchise approval
• Strong in-place cash flow with over $100 RevPAR and $1MM+ in NOI
• Opportunity to better penetrate the comp set and reposition the asset upon completion of the PIP

• Ideally located in the Cornell Business & Technology Park, adjacent to Ithaca Tompkins International Airport and minutes from Cornell University, the largest employer in the region
• Proximate to all area corporate demand, including BorgWarner, The CBORD Group, Envisage Information Systems, Gimme! Coffee, and Tompkins Financial Corporation headquarters
• Easily accessible to all regional leisure demand, including Taughannock Falls State Park, Buttermilk Falls State Park, Robert H. Treman State Park, Cayuga Lake, Cornell Botanic Gardens, and Ithaca Commons
• Situated near the 212-bed Cayuga Medical Center, one of the largest hospitals and employers in the region

Market Developments

• The $588M SouthWorks project is a large-scale mixed-use redevelopment including 915 residential units, industrial, commercial, restaurant, and retail space, as well as public amenities that include open spaces, recreation areas, trails, and a “Sky Chain”
• The recently opened $34M Ithaca Downtown Conference Center is the first fully electric conference center in the U.S., with over 15k SF of versatile event space expected to generate 6,500 additional visitors and over 3,300 room nights