42-Key Hotel in Miramar FOR SALE

Located within the highly desirable and trendy Miramar Sector, this beautiful building refers to the Olimpo Court Hotel with 42 guestrooms, a rooftop with great views, and a bar/restaurant space. The Property is specifically located at lots 603 & 604 of Miramar Avenue, steps from popular restaurants and stylish nightlife spots, a short walk from the Condado Tourist Sector and the Puerto Rico Convention Center District, and a very short drive from the historic Old San Juan sector.

With a minimal investment required, this is a hidden gem waiting to shine. Don't miss this excellent opportunity of owning a hotel property that benefits from significant tax exemptions in a very sought after neighborhood.

Ask Price: $3,360,000 ($80,000 per key)

Coordinates: Lat: 18.456073 Lon: -66.084934

Land Area: Building Site 415.15 Square Meters + Parking Site 720 Square Meters = 1,135.15 Square MetersTax Code #'s: 040-037-003-05 (Parking Lot) & 040-037-005-19 (Hotel Bldg. Lot)
Zoning: ZU-G3 (Hotel Bldg. Lot) and ZU-R1 (Parking Lot)
Flood Classification: X (non-floodable)
Gross Building Area: 20,865 Square Feet
No. of Stories: 7 + Basement
Construction Materials: Reinforced concrete and concrete blocks
Year Built: 1957
Last Major Rehabilitation: 1990's
No. of Keys: 42 (with potential for 44)
Elevators: 1 (guests) + 1 (service)
Staircases: 1
Supporting Facilities: Rooftop with magnificent views, lobby with lounge & reception area, restaurant/bar area (former Chayote Restaurant).

90% exemption from any municipal and state government taxes on personal and real property.

90% exempt from the payment of any license fees, excise taxes, and other municipal taxes levied by any ordinance of any municipality with regard to the Tourism Activity.

100% exempt from the payment of any municipal construction excise tax levied by any ordinance of any municipality with regard to the Tourism Activity.

100% exempt from the payment of taxes levied under Subtitle C of the Internal Revenue Code for a New Puerto Rico (the "2011 Code") with respect to articles that are acquired and used in the development, construction, or operation of the Tourism Activity.

100% exempt from the payment of sales and use taxes levied pursuant to Sections 4020.01 and 4020.02 of the 2011 Code with respect to articles that are acquired and used in the development, construction, or operation of the Tourism Activity.

90% exempt from payment of income taxes on (i) income derived by Concessionaire from the Tourism Activity and the reinvestment thereof in other Tourism Activities; (ii) the dividends distributed by Concessionaire from earnings and profits attributable to "Tourism Development Income" to its shareholders; and (iii) any gain derived during the exemption period from the sale or exchange, including redemption and liquidation, of Concessionaire's stock or membership interest, and of substantially all or all of the assets used by Concessionaire in the Tourism Activity.