NEWLY RENOVATED ST. CLAIR INN IS A VALUE-ADD OPPORTUNITY LOCATED ON THE ST. CLAIR RIVER WATERFRONT
ST. CLAIR INN
500 N Riverside Ave, St. Clair | MI 48079
EXECUTIVE SUMMARY
Berkadia Hotels & Hospitality is pleased to offer for sale the fee simple interest in the St. Clair Inn (the ‘Property’, ‘Asset’, or ‘Hotel’) located at 500 N Riverside Avenue, St Clair, MI. The 88-room Hotel is ideally located on the St. Clair River, 53 miles northeast of Detroit. The Hotel features a full-service restaurant, speakeasy, and over 34,000 square feet of event space.
INVESTMENT HIGHLIGHTS
01
BEAUTIFUL WATERFRONT ASSET
The Hotel is located on the St. Clair River
02
VALUE ADD OPPORTUNITY
The 3rd floor of the Hotel is not being utilized. A new owner could add 27 guestrooms, a spa, or another revenue generating outlet.
03
APPRAISED VALUE
As of January 27, 2020, Horwath HTL valued the Property at $42.7 million.
04
NEWLY RENOVATED
St. Clair Inn underwent a renovation from 2019 – 2023. By Spring 2023, all 88 guestrooms were completed.
05
ASSUMABLE PACE LOAN
A new owner will assume a $11.1 million PACE loan with a 6.15% interest rate.
06
UNENCUMBERED OF MANAGEMENT – OPERATIONAL UPSIDE
A new manager will be able to increase the Hotel’s occupancy rate and flow through to align with typical benchmarks associated with full-service lodging assets.
PROPERTY OVERVIEW
ST. CLAIR INN
Address: 500 N Riverside Avenue, St Clair, MI 48079 Lot Size: 2.58 Acres (Hotel) Year Built: 1926 Year Renovated: 2019 -2023 Stories: 2 & 3 Guestrooms: 85 Guestrooms and Three Private Cottages Food & Beverage: The Dive Restaurant, Prohibition Speakeasy, Complimentary Continental Breakfast (Weekdays) Meeting & Events: Over 34,000 Square Feet
LOCATION
With over 110 miles of shoreline, the longest freshwater boardwalk in the world, and 860 acres of public parks, residents and visitors of St Clair County take advantage of the outdoors along the water every chance available. Popular recreational activities include kayaking, paddleboarding, biking, swimming, and boating. Beaches throughout the county offer daily rentals for people to take out on one of 16 different paddling routes in nine bodies of water, as well as fishing charters for single-day use supplied with bait, poles, and hooks for casual activity.
GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
CONTACT US
INVESTMENT SALES
KYLE STEVENSON
Managing Director 786.646.2591 kyle.stevenson@berkadia.com
LARISSA ISENBERG
Associate Director 602.997.3817 larissa.isenberg@berkadia.com