Ithacating in Cornell Heights

The synopsis of the project can be found here.

This was one of the more interesting visits because I ran into the owner, Pratik Ahir of JAMNA Hospitality Inc., while taking photos. Granted, there’s often that uncomfortable initial tension of “who’s taking photos of my property and why”, but I’ve been in touch with him through email before, so once I introduced myself the mood was much friendlier.

From what Ahir told me, this project could serve as a textbook example of the perils of renovating older buildings. One of the big reasons for the change in project scope was that one wings’ exterior walls partially collapsed during the initial work. So trying to make lemonade from lemons, Ahir decided to revise the project from additions to existing wings, to constructing brand new motel wings. This change also doubled the project cost.

The motel should be fully open for occupancy around October 20th. The rooms appears to be no-frills but comfortable and tastefully appointed for travelers, and given Tompkins County’s premium on hotel room rates, a clean, economical option is welcome. The interior architecture is pleasant enough, while the exterior…I wouldn’t say it looks bad, but it is something of a hodge-podge of architectural features that aren’t ugly, but don’t quite mesh.

Ahir says he has plans to put his 70-room Sleep Inn project out for bid to a couple of preferred contractors, and hopes to start that project in the next few months. His partnership is with Choice Hotels (Rodeway is their economy motel unit), and he identified a market need for a new lower-middle segment hotel in the area, and Sleep Inn seemed like a good fit. Choice Hotels agreed, and the only Sleep Inn between Albany and Buffalo was green-lighted by the corporate parent.

We also touched on the presence of a couple other chain hotel specialist firms buying into or looking to buy into the Ithaca area. The temptation is there, and some, like Rudra Hotels/Rosewood Management, who did the Holiday Inn Express at 371 Elmira Road earlier this year, have established their footprint. Others are still figuring out their next step. On a related note, a number of smaller regional banks see Ithaca as a safer investment than other regional cities thanks to its economic stability, and this interest may result in a little more financing available for project developers over the next few years. Ahir says financing has been arranged for the Sleep Inn.