Radisson Hotel Corning to be sold by HVS Capital
NEW YORK, March 25, 2014 /PRNewswire/ -- HVS Capital Corp (HVSCC) has been exclusively appointed to sell the 177-room Radisson Hotel Corning, located in the picturesque 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 guest rooms and a full-complement of services and amenities. 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 world renowned Corning Museum of Glass is located less than a mile north of the hotel and Corning, Incorporated, the 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," explained 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."
About HVS Capital Corp:
Founded in 2001, HVS Capital Corp ( http://hvscapital.com/ ) is the investment banking arm of HVS for the Americas. The firm's executives have an average of 20+ years experience through several real estate cycles, completing tens of billions in transactions. HVSCC is an innovative industry leader that delivers comprehensive hospitality investment banking solutions based on performance, collaboration, and trust. HVSCC provides an array of financial and capital advisory services, and has extensive experience in the restructuring of debt and equity capitalizations, complex asset sales, distressed property workouts, and traditional debt and equity raises.
HVS is the world's leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, leisure, and restaurant industries. Established in 1980, the company performs 2,500+ assignments each year for hotel and real estate owners, operators, and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of more than 30 offices and 450 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry.
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* Photo Caption: Exterior, Radisson Hotel Corning.
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SOURCE HVS Capital Corp