Illiana Properties is excited about our new Listing. This opportunity brings both ample cash flow and a desirable life style.
The current operation offers financial diversity due to various revenue streams.
- The restaurant is leased to an experience operator and generates over $24,000 a year in Revenue.
- The Conference Center has a Liquor License but does not prepare food. The Revenue is generated from the room rental and the Net associated with alcohol sales.
- The Motel is a 63 room, 3 story Property, with consistent Revenue.
- There are 5 cabins that generate strong demand and there is the opportunity to build additional cabins; if you desire.
- Currently, this Operation benefits from a TIF Agreement which rebates the majority of the Real-Estate Taxes that are paid.
The Motel is in very good condition and is only in need of some minor upgrades. Most recently, the Breakfast Area was upgraded and one half of the PTAC’s have been replaced. This Property was constructed in 2001; therefore the plumbing, wiring, etc. are all reflective of less than 15 years of wear.
Across the parking lot from the Motel is a free standing Conference Center with a capacity of 400. The current Operator believes the greatest potential for growth in Revenue is in the Conference/Banquet Center.
The Restaurant is adjacent to the Motel and operates year round. There is a strong Tenant and he is currently about half way through a five year lease.
The Property occupies 19 acres m/l, and the ground is leased from the U.S. Army Corps of Engineers. In addition to the TIF Arrangement, there is also a requirement that the Operator of the Motel spend at least 3% of Net Revenues on upgrades, repairs and maintenance. The Sinking Fund is mandated by the Lease.
Carlyle Lake is the largest man-made lake in the state of Illinois and the community sees over 250,000 visitors per year. Fishing tournaments and other boating activities make this a destination for both St. Louis and Northern Illinois outdoorsmen.
This opportunity has several nuanced particulars that a Buyer needs to understand; but this Operation is priced to sell.