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9/29/2008
Wason Associates Offers Unique Lender-Owned Merrimack Hotel with Extensive Redevelopment Potential
Wason Associates Hospitality Real Estate Brokerage Group is pleased to offer the unique, lender-owned Merrimack Hotel & Conference Center and surrounding property located in Merrimack, New Hampshire. The existing hotel and conference center is being offered at $7,000,000; a three-unit Strip Center located on .07+/- acres offered at $1,400,000; and a .06+/- acre Pad Site offered at $500,000. They are available for purchase together or individually.
The 203-room hotel and conference center was opened in 1980 as a Hilton hotel, and has since undergone several ownerships, management shifts, and brand changes. When the property closed in 2006, it was an independent hotel known as the Merrimack Hotel and Conference Center. The building has remained untouched since 2006, when the facility closed for a major renovation to the guestrooms, restaurant and lounge area, as well as to the 9,800 square feet of meeting space. The overhaul was never completed.
Located on over 16 acres of land, the 4-story, 140,000 square foot building is a high quality, solid block and plank structure that includes a full sprinkler system. In its current, unfinished state, the renovation lends itself to a variety of commercial uses, such as hospitality, healthcare, and assisted living, or even as a satellite location for a college or university. Redevelopment possibilities are endless.
Keeping in mind New Hampshire’s aging population, this property is perfectly suited for residential care. The property would be easily converted into a 100-apartment assisted living facility or retirement community. The restaurant and lounge space would provide a terrific dining area for residents, and the large meeting space could be easily converted into comfortable common areas. Hospitals and Medical Centers could reap extraordinary benefits from the vast potential this property holds.
“This is an excellent redevelopment opportunity in many scenarios,” states Earle Wason, President of Wason Associates. “The key is finding the perfect buyer who can appropriately utilize this property to serve a business, non-profit, or educational institution as well as the surrounding community of Merrimack.”
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Our team welcomes you to the Wason Associates Hospitality Real Estate Brokerage Group web site. Here you will find relevant and up to date information on the market, review current transactions, learn about our services and most importantly review hotels offered for sale. Our fully functional and integrated system provides buyers with pertinent property and market data and is designed to inform, educate, provide the ability to evaluate properties for sale and help make an informed decision to pursue a hotel purchase.
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