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Boardwalk Suites Las Vegas - About The HOtel
The Location
Boardwalk Suites is located in Downtown Las Vegas on Fremont Street. The Las Vegas tourism industry has remained strong and there are abundant opportunities to provide workforce housing to traveling workers in the Las Vegas Market.
A Successful Brand
We rebranded the hotel as Boardwalk Suites Las Vegas and changed the operational structure to operate the hotel as a passive investment as a result of my temporary relocation to Louisiana. The goal was to improve the image of the hotel utilizing the Boardwalk Suites brand, increase the hotel revenue, and create an organizational structure that could be successful without the owner involved in day to day operations. The restructuring took 90 days and it has been a huge success.
Strong Internet Presence
We have a very active website and social following with over 1573 visitors and 15,374 social views in the last 30 days.
95% of our bookings coming from the website without any booking fees being charged by online travel agencies. Expedia is currently charging 20% for bookings so this website significantly reduces our costs to acquire new customers.
15% Down SBA Financing Available
The hotel is being offered for sale at $3,500,000. With the new rebranding, the property will cover the debt and expenses on an SBA 504 loan and rates are around 6.5%. NOI in 2023 was $271,195 with a Gross Revenue of $501,212
Recent Improvements
- Refreshed the rooms with paint and repairs to equipment
- Installed Bellagio Hotel Furniture in 20 rooms.
- Replaced 8' Marquee Sign Out Front
- Remodeled The Office
- Converted Managers Residence Into 30th Room (1 Bedroom Suite with Washer/Dryer and Kitchen)
- Installed 32 Mail Boxes To Establish mailbox services
- Built New Website
- Switched To Innroads Property Management System
- Switched to Innflow For Payroll and Bookkeeping
- Add Tesla Charging Station
Passive Management Structure
We added a General Manager who does not live on site and converted the manager's office to another rentable suite. We have a General Manager, Front Desk Agent, Housekeeper, and Maintenance Worker.
Dip In Occupancy During Rebranding
We were at 64.73% in December and 66.67% Occupancy in January, 79.17% in February and on track to be around 90% in February. Revenue was at $40,911 in December when we had 64.73% occupancy and numerous rooms down for the refresh and furniture upgrades.
Strong Performance After Rebranding
We expect room revenue to exceed $50,000 in the first month following the rebranding. We have seen an increase in ADR and bookings.
Listed On Top 5 Furnished Rentals
We are listed in the number one spot for the Top 5 Furnished Rentals in Las Vegas.
3.5 Star Rating On Google
We have a 3.5 Star Rating on Google with 142 Reviews. Our rating is trending higher. We retained the google profile from Towne and Country Motel which started at 3.2 and has improved to 3.5 since rebranding.