Opportunity to Acquire and Revamp the Former Holiday Inn Long Island City

The hotel, which has been closed since 2020, has seen an investment of $5 million to restore it to working order. The property offers significant upside potential for investors seeking to position it as a premium-branded hotel asset in a highly performing submarket.

HVS Brokerage & Advisory presents a unique investment opportunity with the former Holiday Inn Long Island City—Manhattan View. This hotel, which has 136 keys, has been closed since 2020. However, $5 million has been invested to restore the property to working order, creating a potential avenue for investors seeking to rebrand and reposition it as a premium hotel asset.

Prospective investors will find the lack of a brand or management agreement appealing, as it offers the flexibility to tailor the property according to their vision. Given the opportunity to optimize operational efficiencies in a strong-performing submarket, there is potential for significant upside.

The property has undergone significant renovations, addressing major system and mechanical upgrades. The current ownership plans to reopen the hotel as an independent, non-branded property in March 2025. Potential buyers can concentrate on interior renovation, including guestrooms and public spaces.

One of the competitive advantages offered by this property is the availability of 17 surface parking spaces, a rarity among nearby competitors. This not only provides a competitive edge but also an additional revenue stream. The roughly 1,800 square feet of restaurant space and 1,750 square feet of meeting/event space provide further avenues for revenue diversification.

As a non-unionized hotel, the property offers greater operational flexibility and potential cost savings. The absence of an existing brand or management agreement allows potential buyers to select a preferred brand and customize the property accordingly.

Brand representatives from Hilton have expressed strong interest in the property, indicating the strategic appeal and alignment with the brand’s growth objectives in the Long Island City submarket. The property was originally a Holiday Inn for twelve years, and an option to retain the Holiday Inn flag is available to a potential buyer, which would streamline the branding process and leverage the InterContinental Hotels Group (IHG) global distribution and loyalty network to drive occupancy and revenue.

The property is positioned in the high-performing submarket of Long Island City. According to the STR report, the submarket’s occupancy has averaged above 80.0% since 2021, and ADR reached $232 in 2024. With RevPAR levels often surpassing $200 in peak months, this performance underscores the market’s strong demand fundamentals and ability to support premium room rates.

The property’s location, minutes from Midtown Manhattan, is near one of the world’s most robust corporate and tourism markets. It also offers a cost-effective lodging option for tourists seeking proximity to the city without paying premium Manhattan hotel rates. With excellent connectivity to nearby subway stations and proximity to LaGuardia Airport, this property is well-positioned to capture significant demand.

Inquire at HVS.