Property Detail
Howard Johnson
336 Odlin Road
Bangor, Maine 04401
$3,300,000 - PRICE REDUCED
$2,600,000
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Highlights
The 58-room Howard Johnson is conveniently located off of Interstate I-95 and near Bangor's business parks, entertainment, downtown and cultural district. This property features a beautiful stained brick exterior, pleasant lobby and spacious guestrooms with generous amenities. Price recently reduced from $3,300,000 to $2,600,000
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Market Data
The City of Bangor occupies 34 square miles on the western side of the Penobscot River, 20 miles northwest of Penobscot Bay. The City is composed of urban, commercial, and industrial areas as well as numerous residential neighborhoods. Today, Bangor (population of approximately 31,000) remains the commercial and social center of Northern, Central, and Eastern Maine. It has become the region’s largest center of retail and service businesses, and a center for government, education, and employment. Offering a widely diversified economy, Bangor has transcended its traditional roots in forest products and shipbuilding and today maintains its position as one of Maine’s major urban centers. It is a city that is consistently ranked as one of the most desirable places to live for its natural beauty, safety, quality of life and affordability.
Nearby in Orono is the University of Maine (eight miles north of Bangor with almost 12,000 graduates and undergraduates enrolled), where athletic events are extremely popular. Bangor is also a stopping point for visitors to Bar Harbor, home to Acadia National Park, located one hour away. Canadians also visit Bangor for shopping as well as sightseeing. Portland, Maine, the largest city in the State, is only two hours away.
In 2007, construction began on a $131 million Racino complex. The 116,000-square-foot slots-only casino will open with 1,000 machines, with the potential for up to 1,500. It will also have a hotel, three restaurants, an entertainment lounge, a gift shop and a parking garage for 1,500 cars and trucks. The new Racino is slated to open in the summer of 2008 and will be approximately 3 minutes driving time from the Howard Johnson. Maine is one of only a few states where Racinos are legal, and the one in Bangor is expected to change the city's tourism a great deal.
Bangor Raceway offers live harness racing and features an off-track betting center. Also, nearby Hollywood Slots (the temporary home for the future Racino) offers Maine's first slot machine gambling center. For the time being, Penn National continues to operate its temporary Hollywood Slots at Bangor with 475 machines in the former Miller's Restaurant. The facility, which opened in November 2005, has paid $21.3 million to the city and state so far. Once completed, the $90 million Hollywood Slots at Bangor will be one of the first things motorists see upon exiting Interstate 395 and heading toward Bangor's downtown and the number of employees at the track, casino and off-track betting parlor will grow from 190 to 490.
Only 3 miles from the Howard Johnson is Bangor International Airport. There are five major airlines (Delta, Northwest, American Eagle, US Airways and Continental) which combine to offer over 60 flights a day with eight major hubs: Atlanta, Boston, Cincinnati, Detroit, Philadelphia, Minneapolis and Metro New York’s LaGuardia and Newark airports with easy connections to/from all national and international destinations.
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City of Bangor, Maine Web Site
Bangor Region Chamber of Commerce Web Site
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