It occurred to me, as leaves drily rustled under my steps and the sun broke through naked trees to throw ...Read More »
Inn Consulting Partners Bill Oates and Heide Bredfeldt.
This 18 room Bed and Breakfast Inn has everything a serious future Innkeeper could possibly want. In the first place, the Inn is located in Cooperstown NY. We all know this as the home of the Baseball Hall of Fame. Many are aware of the renowned Glimmerglass Opera Co. There is also a first class art museum, a fascinating Farmers Museum and a well attended Chamber Music Festival. The nationally known Belgian Brewery Ommegang and the Cooperstown Bat Factory provide several package weekend occasions in the slower seasons.
This all adds up to an occupancy rate of 60% with an average rate of $192.00, and THAT translates into a cash flow that will easily cover normal debt service.
What else? Maybe we saved the best for last. On the property is a separate, newly constructed 3,000 sq. ft. owners’ home. Three bedrooms, including 330 sq. ft. master bedroom with enormous bath, office, wine room, exercise area, large office, two car attached garage and just about anything else you can think of. This home, valued at $750,000.00 is included in the purchase price of $4,900,000.00.
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