Radisson Hotel Corning to be Sold by HVS Capital
Wednesday March 26th, 2014 - 9:36AM EB
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CORNING, NEW YORK—HVS Capital Corp has been appointed to sell the 177-room Radisson Hotel Corning, located in the Finger Lakes Region of New York.
This full-service hotel possesses more than twice the meeting capacity of any other hotel in the market, spacious guestrooms and a full-complement of services and amenities, according to HVS Capital Corp. Guests can dine at the three-meal Grill 1-2-5 or enjoy a cocktail at Steuben Bar.
Situated in downtown Corning's historic Gaffer District, the Radisson is proximate to both corporate and leisure demand generators. The Corning Museum of Glass is located less than a mile north of the hotel and Corning, Incorporated, a world leader in optical communications and display technologies, is within walking distance of the property.
"The Radisson Hotel Corning is a rare purchase opportunity in today's market. The asset is unencumbered by management and is in great condition, yet there remains strong value-add potential," stated Bill Sipple, executive managing director at HVS Capital. "Various factors impacted the hotel's recent performance, including new supply and an extensive renovation. Now that the improvements are complete and the new supply has been absorbed, the Radisson is poised for significant growth in 2014 and beyond."
Tags: Radisson Hotel Corning • Hospitality • Brands • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.