Attractive cash flow and YTD 2022 (through Feb) up substantially over 2021.
Owner operated hotels are unique, in that the new owner can become self employed and own his/her own business. This well-priced Lyons Inn is one of those opportunities. Furthermore, these smaller hotels are simple for individuals or families to operate, especially with no franchise, and no pool or elevator that require service. With 27 rentable rooms, the Lyons Inn has recovered from the effects of Covid and is operating above 2019 and 2021 levels. Many newer improvements are testimony to the way the hotel shows, and to the overwhelmingly positive reviews it receives from the OTA websites. Newer features include roof, gutters, flooring, cases goods, paint throughout, hot water heater and ice machine. There is a 3 bay living quarters right behind the front desk for ease of operation. The hotel offers a variety of suites. If one were to operate the hotel in the same fashion as the current owners, they could net $70 – 80K per year after debt service.
Lyons, KS is a smaller midwestern market of just under 4,000, but with a number of significant demand generators that support the hospitality business. Those nearby businesses and attractions include the Celebration Centre K Bar Arena, Sterling College (Sterling), Northern Natural Gas (Bushton), Oneok Hydrocarbon (Bushton), Lyons Salt Company, Compass Minerals, Jacam Chemicals, and Kansas Ethanol. These attractions/businesses, together with the location on Hwy 56, have created a favorable environment for the hospitality industry. In addition to the above, agriculture also plays a big roll in the statewide economy and has been relatively unaffected by Covid. Rice County has a population of about 10,000, and the 6 county market area supports over 100,000 residents. Hutchinson, KS, with a population of about 45,000, is a 30 minute drive.