Eleven Key Hotel on Anna Maria Island

Hospitality for Sale
Catylist Listing ID: 30286329
Property Subtypes: Motel
Number of Units: 11 Units
Building Size (RSF): 4,900 SF
Gross Building Area: See Agent
Gross Land Area: 0.36 Acres
Sale Price: $3,200,000
Unit Price: $290,909.09 Per Unit
Property Use Type: Investment, Business
Building Name: Pelican Post
Name of Establishment: Pelican Post
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/17/2018

Overview / Comments

SBR Commercial is proud to present an exclusive opportunity to purchase the Pelican Post Hotel in Bradenton Beach, FL on the beautiful Anna Maria Island. The Pelican Post is an 11-unit vacation hotel situated right in the heart of central AMI. Situated on almost 0.4 landscaped acres, the property is the ideal get-away for locals and out-of-town guests alike. The property’s eleven units are each individually decorated and unique in their own way to ensure every group can be accommodated. The rooms range from 250 sf studios to a 775 sf Cottage that sleeps six. With an average size of approximately 450 sf, these rooms are larger than your standard hotel accommodations. Each room is equipped with a full kitchen or a kitchenette, each fully-stocked to ensure a comfortable stay for the guests.

The Pelican Post has been personally managed by the owners, who have put the guests’ comfort and convenience front and center. The property currently boasts a 4.5/5 rating on TripAdvisor and a ranking of #9 of 53 for “TripAdvisor’s Best Values on Anna Maria Island” for good reason. The property offers guests free use of bicycles, beach chairs and beach towels during their stay in addition to luggage storage, comfortable tropical grounds and patios for each room.

The premier competitive advantage for the Pelican Post, however, is its unmatched location. The property is located only one block from the historic Bridge Street with its retail shopping, restaurants, nightlife and entertainment. A guest can walk less than two minutes in either direction and either hit the Bay waters and its pier or the Gulf of Mexico waters and its famous beaches. Whether a guest is in town for a quiet get-away, fun on the sand or nights out on the town, Pelican Post is conveniently situated near all activities.

While the property is presently cash flowing with over $160,000 of net income, the owner-management has not fully-utilized the property. The property has an average room rate of approximately $165/night (ranging from $115 to $235 depending on room type and season) but a RevPAR of only $73.61 due to the owners not capturing occupancy during down seasons. This can be seen from Feb/March 2018, when RevPAR was $156 in-season. With Anna Maria Island having an average occupancy of 76.6% and RevPAR of $135.50 annually, there is a lot of room for a new owner to significantly increase the cash flow on this well-located, established hotel in the heart of one of the great island getaways in all of Florida!

- Established hotel property with existing, repeat clients.
- Unmatched location in the heart of Anna Maria Island.
- Only blocks from beaches, the Pier and Bridge Street.
- Eleven unique, individually decorated floorplans to suit any guest’s needs.
- Highly rated at 4.5/5 on TripAdvisor and #9 Best Value on AMI property.
- Meticulously maintained, block construction property allows for limited upfront maintenance.
- RevPAR of $150 and $167 in February and March 2018, respectively, reflects full potential of this great property.
- Owner self-management has left considerable upside to new owner through attention to occupancy. Even at 70% (well below AMI average), yield increases to approximately 8.5%.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Tax ID/APN: 7728700001
Retail Clientele: Family, Traveler, Tourist, Recreation
Property Visibility: Good
Largest Nearby Street: Bridge Street
Property Condition: Good
Year Built: 1962
Construction/Siding: Block
Parking Type: Surface

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,261 10,478 45,626
Median Age: 59.35 63.14 54.47
Households: 693 5,744 22,112

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