In 2019 we acquired The Albany Airport Inn & Suites, a 112-unit independent hotel, located in Albany, New York. Currently, we are renovating the property and have started pre-leasing apartment units; our renovation investment is approximately $1,500,000. The property has been rebranded as the Skyview Terraces.
We are working closely with Burns Management, a local property management group that we identified after a great deal of diligence. Our partnership has proven to be successful and we are excited for April 2021, which is when we expect to be fully stabilized.
We plan to continue to hold the asset and professionally manage it in conjunction with Burns Management.