The condo hotel is a twenty-two unit property located in Lake Havasu City, Arizona.
This sale includes eighteen of the twenty-two completely furnished condominium units and the assets and ongoing business which rents and manages the 18 units included in this sale and the four units previously sold and required to participate in the Rental and Management programs.
The units are varying sizes:
- 431 square feet (two each)
- 544 square feet (thirteen each)
- 646 square feet (seven Deluxe suites)
All are one bedroom, one bath with a separate living room and the aforementioned kitchen.
Each living room is furnished with a queen sized sofa sleeper so that the units can accommodate four to six people comfortably.
The rental rates range from $69.99 to $129.00 per night, with holidays commanding significantly higher rates.
The property was recently converted to condominiums and to date, four of the twenty two units have been sold. Prices range from $93,000 to $112,000 per unit.
The sale of the remaining units at the above price structure is projected to result in a total sales income of $1,847,000. At that time the buyer would own and operate the rental company, and the management company (operated on site). The income from those entities is projected to return the owner in excess of $75,000 annually with no debt service.
Included in the full package are Profit and Loss Statements based on 18 unsold units and Income statement projection assuming all units sold, as well as Rental Company – Rental Participation Agreement Summary of Rental Programs available, List of Units and their status and 2007 Home Owner Association Budget.