PENDING - CORNELL INN

Lenox, Massachusetts

Asking Price: USD $4,100,000
Guest Rooms: 28    28
Owners Quarter: 3    2

Property Overview


The Cornell Inn is one of the hospitality industry’s hottest, new luxury lodging destinations. The current owners have completely redesigned, renovated and refurnished this strategically located inn transforming it into one of the most imaginatively decorated and uniquely appointed inns in the Northeast. The design and décor of the 28 guest rooms, suites and baths rivals that of any of the industry’s top, upper echelon inns. The opulent guest rooms and suites are exquisitely appointed with posh furnishings, luxurious bed linens and variously appointed with gas fireplaces, private balconies and/or shared porches and a few boast sleek kitchenettes. The luxurious marble or artistically tiled baths feature high end bath fixtures including jetted tubs and over-sized, custom showers.

The current owners purchased the Cornell Inn in January of 2021. As part of their business plan, they collaborated with the Kaleidoscope Project, a group of 23 BIPOC designers, to reimagine and transform the century old Cornell Inn. https://www.architecturaldigest.com/story/tour-the-kaleidoscope-project-a-show-house-celebrating-bipoc-designers

The result is a whimsical masterpiece of color, texture and cutting-edge lodging design. The newly transformed Cornell Inn reopened in the summer of 2021. Over the last two years, it has received rave reviews from the press including Architectural Digest “Splendid Design,” Travel & Leisure “Fresh and Vibrant,” Interior Design “A Show House of Talent” and Elle Magazine “Knocked it out of the Park.”

The Main House is a Victorian Cottage-Style building dating to the late 1880’s. There are 10 guest rooms and suites in the Main House on the first and second floors. Guests enter the Main House from a side porch from an onsite parking lot into a spacious lobby with a guest powder room. There is also a large front porch that opens to an entrance hall that accesses three first floor guest rooms and a stairway to seven additional guest rooms and a guest sitting area on the second floor. Most of the guest rooms in the Main House have private balconies or shared porches overlooking the tranquil rear garden, waterfall and koi pond. The decks and balconies are designed for guests to relax to the sound of the cascading water amidst lush shade plantings, a forested hillside and the 180-acre Kennedy Park beyond. Kennedy Park offers 15 miles of groomed trails abutting the Cornell Inn’s grounds. The Carriage House was built as an accessory building to the Main House around 1890 and contains 8 guest rooms on three floors. The 1777 Kerouac House is a Colonial-Style building containing 10 guest rooms on two floors. Kerouac House has its own lobby/common room and five porches for guests to enjoy outdoor space overlooking the inn’s shade gardens, waterfall and koi pond. Each guest room is creatively decorated and attractively furnished with an artistic flair for color and texture in fabrics and wall coatings. There is a three-bedroom innkeepers’ suite with a sitting room and large bath on the third floor of the Main House that is currently occupied by the general manager.

About the Owner's Quarters

Third floor apartment with 2 BR's, sitting room, kitchen and 2 baths.

Features:
  • Is Historic Historic
  • Has a Barn Romantic
Lifestyle:
  • Nearby Winery / Brewery Winery
  • Close to Fishing Fishing
  • Includes a Restaurant Golf
  • Near Horses Horse
  • Near Skiing Ski
Business Description:

The Cornell Inn has 28 guest rooms and suites in three buildings. It is operated as a Bed and Breakfast Inn with a trendy bar and lounge as an additional profit center. At the time current owners acquired the Cornell Inn, travel restrictions due to COVID were in full swing, impacting occupancy and gross sales. Just prior to the pandemic in 2018 and 2019, gross sales were in the low $600,000 range. Occupancy rates in 2017, 2018 and 2019 were 30.7%, 31.2% and 29.1% respectively. Average Daily Room (ADR’s) rates were $195.14, $193.45 and $202.05 respectively.

The Cornell Inn was only open for seven months in 2021. 2022 was the first full year in its newly transformed configuration. Gross sales in 2022 were $1,384,398. Gross sales in 2023 were $1,604,089. Occupancy rates in 2022 and 2023 were 39.28% and 43.98% respectively. ADR’s in 2022 and 2023 were $339.87 and $355.07 respectively. Adjusted NOI in 2023 was $393,107. The Cornell Inn is hitting full stride as it enters the 3rd quarter of 2024 and is on track for continued growth well into the foreseeable future. Gross revenues in 2024 are on pace to hit $2m. Completed reservations and advance bookings as of June 17, 2024 were at $1m. The business didn’t reach that mark until October 27th in 2023. There is an assumable SBA loan of $806,000 on the Cornell Inn at a fixed rate of under 4%.

Terms of Sale:

Cash

Valuation & Mortgage Calculator:
30 Years Fixed
n/a % Interest
  • Loan Amount
  • Principle and Interest
  • Cash Flow
  • DSCR $0
  • Cap Rate $0
  • ROI $0

Sq Ft:

11,383

Owner's Quarters Sq Ft:

680

Acres:

4

Year Built:

1888

Last Renovated:

2021

Years in Business:

37
Financial Overview

Asking Price:

USD $4,100,000

Cap Rate:

0%

NOI:

USD $0

Annual Gross Revenue:

USD $0

Gross Revenue Multiplier:

0x

Revenue Per Room:

USD $0

Occupancy Rate:

0%

Average Daily Rate:

USD $0

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