Albany, New York
Hodges Ward Elliott, as exclusive agent for the Owner, is pleased to present the 360-Key Marriott Albany in Albany, New York.
Located in Albany, New York’s state capital, the Hotel benefits from the Capital Region’s large and diverse market area with a population of more than 900,000 located at the confluence of the Hudson and Mohawk Rivers, within 200 miles of all major cities in the northeast. Albany benefits from its concentration of government demand, and boasts over 25 million SF of office space and 58 million SF of industrial space. Albany’s strategic positioning and demand dynamic have led to recent investment, with over $11 billion of technology and biotechnology projects announced or completed in 2023 alone, earning the City’s reputation as New York's "Tech Valley." As a result of these massive recent investments, the market is experiencing outsized growth in lodging, with market RevPAR growth of 11.3% in 2023 and 10.1% in 2024, while the Marriott has grown RevPAR 19.2% in 2023 and 25.1% in 2024!
INVESTMENT HIGHLIGHTS
Institutional Asset with Robust In-Place Cash Flow
The Property boasts the market's premier brand affiliation in the full-service sector. Located adjacent to a vibrant collection of well-tenanted office spaces just outside Downtown Albany, the Marriott has consistently generated substantial cash flow, supported by long-standing corporate and association accounts. YTD through November, the Marriott’s RevPAR is up an impressive 25%, as demand has rebounded after an initially slow recovery following the pandemic. In 2025, the Hotel is projected to achieve record-breaking ADR and RevPAR despite operating without recent renovations. Looking ahead, a new owner has the opportunity to implement a comprehensive refresh, positioning the Hotel as the newest and most appealing offering in the market, driving increased RevPAR and enhanced profitability.
Renovated Property with Significant Upside Potential Through Strategic Refresh
In 2017, ownership invested $10.4 million in renovations, focusing on comprehensive upgrades to guest rooms, an expansion and enhancement of the meeting facilities, and significant mechanical, electrical, and plumbing (MEP) improvements. This substantial capital investment in case goods and major mechanical replacements provides a strong foundation for a new owner. Future capital can be strategically directed toward high-impact, guest-facing projects with strong ROI potential, such as upgrading public spaces, food and beverage outlets and event areas.
Highly Accessible and Visible Location
The Marriott Albany is located within five minutes of the rapidly expanding Albany International Airport (ALB) and just under 20 minutes from the state capital’s active downtown, benefitting from diverse sources of corporate, technology, government, and leisure demand. Accessible by air, rail, and car, the Hotel is conveniently located one mile from the intersection of the New York State Thruway and the Adirondack Northway, positioned at the connection point of the major Northeast cities with the Adirondack resort areas, including famous destinations such as Cooperstown, Saratoga, Lake George, and more. Having recently undergone renovation, with an additional $100 million expansion announced in 2023- slated for completion in 2025, the market and Hotel are both set to benefit from the airport’s airlift capacity and affordability.
Clean Investment Opportunity
The Hotel is offered unencumbered of debt and management, offering a high degree of operational and financing flexibility.
Reliable Base of Diverse Demand
Albany offers numerous diverse demand generators, strengthening the hotel market fundamentals.
Government
Albany's state government provides a substantial recession-proof base business for the hotels in the market. While it is no longer the Region's primary demand driver, the state government employs roughly 103,800 people in the Albany-Schenectady-Troy MSA in 2024.
Tourism
Albany serves as the gateway to the Adirondack Mountains of New York and Vermont, as well as the Berkshires in Massachusetts, positioning the Hotel proximate to several major tourist attractions, including the Saratoga Racecourse, Cooperstown, Lake George, area ski resorts, and the Baseball Hall of Fame. Excluding 2020 during the Pandemic, Saratoga's attendance surpassed 1 million paid fans for the eighth consecutive year, with a total paid attendance of over 1.1 million in 2023.
Technology
Centered around Albany, Schenectady, and Troy, New York State’s Tech Valley is one of the nation’s leading hubs for technological innovation and industry collaboration, focusing on semiconductor manufacturing, nanotechnology, biotechnology, and renewable energy sectors.
Corporate
Albany anchors the Capital Region as a competitive location for corporations to invest and expand in a global high-tech economy. With a labor force of nearly 462,000, Albany is the second fastest-growing GRP in New York.
Education
The Marriott Albany is less than a 15-minute drive from 12 colleges and universities, including the State University of New York at Albany and Rensselaer Polytechnic Institute, representing a combined enrollment of nearly 68,000 students.
Positioned Within an Emerging Technology Epicenter
Albany is one of only 51 U.S. Metros where private businesses spend more than $1 billion annually on research and development. The Hotel is located just a short drive from several of the premier Tech Valley destinations, including SUNY Poly's Albany NanoTech Complex, Rensselaer Polytechnic’s Center for Biotechnology and Interdisciplinary Studies, and Albany Molecular Research’s HQ.
Industry Leading Distribution Platform
Marriott International is a leading global hospitality company, spanning the lodging sector from luxury and full service hotels and resorts to extended-stay suites and focused service hotels for nearly 100 years. The strength of Marriott’s reservation system delivery, brand-name recognition, Marriott Bonvoy loyalty program with over 196 million members, corporate sales effort, and training, as well as product consistency among its brands, make Marriott the preeminent lodging company in terms of customer loyalty and consumer recognition.
