hotel for sale norsemen inn,...
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6505 48 Avenue, Camrose | AB
PERRY GERELUKVice President780 969 [email protected]
ALISON MCGAVIGANSenior Associate780 969 [email protected]
HOTEL FOR SALE
Norsemen Inn, Camrose
A full-service hotel on 3.65 acres of land located in the growing city of Camrose, Alberta. Concrete and steel frame with a building area of 65,000 square feet and 75 modern guestrooms including six upgraded suites. On-site amenities include a restaurant, dining room, lounge, brewpub, and banquet hall. Excellent location near four provincial highways. $5,800,000
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Colliers International2210 Manulife Place, 10180 - 101 Street
Edmonton, AB | T5J 3S4P: +1 780 420 1585F: +1 780 424 7830
> 98 kilometres southeast of Downtown Edmonton and 76 kilometres southeast of Edmonton International Airport
> Population: 18,742 (2016 Census); Increase of 8.4% from 2011
> Trade area of approximately 140,000 people
> Nestled near four provincial highways (Highways 13, 21, 26 and 56)
> Diverse economy influenced by agriculture, oil and gas, transportation, manufacturing, education, and health care services
> Home to the University of Alberta Augustana Campus, St. Mary’s Hospital, the 2,500-seat Encana Arena, Camrose Airport, and numerous parks
Legal Description Plan 8923299Block 15 Lot 12
Constructed 1978 and 1981
Site Size 3.65 acres
Building Area 65,000 SF
Floors 4
Rooms 75 including 6upgraded suites
FramingPrimarily concrete, concrete block, and steel frame
Room Amenities
Free Wi-Fi, coffee machine, iron and ironing board, microwave, compact refrigerator, hair dryer, and 42” flatscreen TV
Hotel Amenities
Banquet Hall, Odin Dining Room, Gravity Lounge, Tap Room Bar and Brewery, and Hagar’s Café
SurroundingBusinesses
McDonald’s, Canadian Tire, Duggan Mall, Tim Hortons, Pizza 73
About Norsemen Inn
About Camrose
NORSEMEN INN
REAL CANADIAN SUPERSTORE
TIM HORTONSSTARBUCKS
DUGGAN MALL
BROWNSSOCIALHOUSE
CANADIAN TIRE
MCDONALD’S PIZZA 73
MAGIC LANTERN DUGGAN CINEMAS
SAFEWAY
CAMROSE COMPOSITE HIGH SCHOOL
48 AVENUE
68 S
TREE
T
65 S
TREE
T
BANQUET HALL
STANDARD ROOM
Financial Performance - Norsemen Inn
Fiscal Year 2013 2014 2015 2016 2017
Gross Revenue $5,117,832 $5,200,862 $5,950,262 $4,890,319 $4,452,647
Direct Expenses $3,177,932 $3,150,258 $3,341,882 $3,143,232 $2,805,647
Department Margin $1,939,900 $2,050,604 $2,608,380 $1,747,087 $1,647,000
Administration $1,306,264 $1,393,422 $1,527,903 $1,419,401 $1,349,726
Net Income $633,636 $657,182 $1,080,477 $327,686 $297,274
Economic GrowthAccording to the Conference Board of Canada, the economy of Alberta is expected to have the highest level of economic growth in the country. This is due to a recovery in energy markets, a vibrant agricultural sector, and increasing economic diversity. Economic growth according to the Conference Board of Canada and the price per barrel of oil (WTI US$) over the past four years are detailed below.
Financial PerformanceThe financial performance for the property weakened during the economic recession of 2015 and 2016 but are recovering in the current fiscal year. For the first three months of Fiscal 2018 (August to October 2017), gross revenue was approximately $1.225 million compared to approximately $1.160 million for the first three months of Fiscal 2017. The historical performance of the property (Fiscal Year ending July 31) is detailed in the following table.
$5,800,000Listing Price:
The listing price implies a price per room of $77,333 and a gross income multiplier of 1.30 based on the Fiscal 2017 performance. The five-year average net operating income of $599,251 implies a capitalization rate of 10.33%.
BREWERY
Year Alberta Economic Growth
2014 4.9%
2015 -3.7%
2016 -3.6%
2017 4.4%
Year November Price of Oil
2014 $76.99
2015 $43.11
2016 $45.26
2017 $57.03
PERRY GERELUKVice President780 969 [email protected]
ALISON MCGAVIGANSenior Associate780 969 [email protected]
CLOCKWISE FROM TOP: Executive Suite // Standard Room // The Tap Room // Hagar’s Café
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Accelerating success.