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Hotel-Motel

Days Inn by Wyndham Farmville

2015 S Main St, Farmville, VA 23901

Listing Price: $2,300,000

Cap Rate
8.54%
Number of Rooms
59
RevPAR
$37
Price/Room
$38,983
RRM
2.94
Year Built
1990

Investment Overview

Marcus & Millichap's National Hospitality Group, as exclusive representative of the seller, is pleased to present to qualified investors the Days Inn by Wyndham Farmville, Virginia. Subject property provides an excellent investment opportunity for an owner/operator to acquire an asset below 3X RRM, under a well respected brand, below replacement cost and with tremendous revenue and NOI upside potential. The subject hotel generated revenues in excess of $931,000 in 2017. In 2018, due to new inventory entering the market and ownership becoming absentee, property performance began to decline, hitting it's pre-Covid low point in 2019. 2021 saw the hotel and competitive set rebound dramatically as the new inventory has been fully absorbed. As both occupancy and especially adr penetrations are below the comp set, a hands on owner has the opportunity to drive significant top line revenues through increases in both. Dramatic NOI and cash flow gains can be realized by simply meeting industry averages for operating margins. Furthermore, an executed change of ownership PIP allows for property repositioning and provides even more upside in financial performance. The Days Inn Farmville, situated on a 1.67 acre lot, is a 59 room (one room out of order can be returned to inventory, bringing key count to 60), 2 story, interior/exterior corridor hotel built in 1990. Property is located directly off of heavily trafficked South Main Street (17,800 VPD) and US Routes 15 & 460. Property has excellent street visibility which contributes to hotel realizing 20-25% of occupancy from same day bookers. The hotel is centrally located in Prince Edward County, 65 miles from Richmond, 48 miles from Lynchburg, 70 miles from Charlottesville and within a day’s drive of 76% of the nation’s population. Demand generators include 2 nearby universities, a high quality medical services community, a vibrant shopping, dining and culture scene and a wealth of historical and recreational amenities. Hotel amenities include outdoor pool , complimentary breakfast, free wifi, free parking, RV parking, in room coffee/tea makers, microwaves and refrigerators. DEMAND DRIVERS / SURROUNDING ATTRACTIONS ? Longwood University - Home of the 2016 Vice Presidential Debate (1.5 Miles) ? R.R. Moton Museum (1.5 Miles) ? Longwood Center for the Visual Arts (2.3 Miles) ? High Bridge Trail (2.6 Miles) ? The Manor Golf Course (3.4 Miles) ? Hampden-Sydney College (5.8 Miles)

Investment Highlights

  • 2021 Performance Strongest Since 2017 (New Supply Now Fully Absorbed)
  • Offered Below 3X RRM
  • Absentee Ownership
  • Change of Ownership PIP Will Allow for Repositioning and Further Financial Performance Improvements
  • 50% of Inventory is Interior Corridor
  • Excellent Street Visibility and Traffic Volume
  • Fee-Simple Offering

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Hotel-Motel

Days Inn by Wyndham Farmville

Listing Price: $2,300,000

Cap Rate
8.54%
Number of Rooms
59
RevPAR
$37
Price/Room
$38,983
RRM
2.94
Year Built
1990

Investment Highlights

  • 2021 Performance Strongest Since 2017 (New Supply Now Fully Absorbed)
  • Offered Below 3X RRM
  • Absentee Ownership
  • Change of Ownership PIP Will Allow for Repositioning and Further Financial Performance Improvements
  • 50% of Inventory is Interior Corridor
  • Excellent Street Visibility and Traffic Volume
  • Fee-Simple Offering

Investment Overview

Marcus & Millichap's National Hospitality Group, as exclusive representative of the seller, is pleased to present to qualified investors the Days Inn by Wyndham Farmville, Virginia. Subject property provides an excellent investment opportunity for an owner/operator to acquire an asset below 3X RRM, under a well respected brand, below replacement cost and with tremendous revenue and NOI upside potential. The subject hotel generated revenues in excess of $931,000 in 2017. In 2018, due to new inventory entering the market and ownership becoming absentee, property performance began to decline, hitting it's pre-Covid low point in 2019. 2021 saw the hotel and competitive set rebound dramatically as the new inventory has been fully absorbed. As both occupancy and especially adr penetrations are below the comp set, a hands on owner has the opportunity to drive significant top line revenues through increases in both. Dramatic NOI and cash flow gains can be realized by simply meeting industry averages for operating margins. Furthermore, an executed change of ownership PIP allows for property repositioning and provides even more upside in financial performance. The Days Inn Farmville, situated on a 1.67 acre lot, is a 59 room (one room out of order can be returned to inventory, bringing key count to 60), 2 story, interior/exterior corridor hotel built in 1990. Property is located directly off of heavily trafficked South Main Street (17,800 VPD) and US Routes 15 & 460. Property has excellent street visibility which contributes to hotel realizing 20-25% of occupancy from same day bookers. The hotel is centrally located in Prince Edward County, 65 miles from Richmond, 48 miles from Lynchburg, 70 miles from Charlottesville and within a day’s drive of 76% of the nation’s population. Demand generators include 2 nearby universities, a high quality medical services community, a vibrant shopping, dining and culture scene and a wealth of historical and recreational amenities. Hotel amenities include outdoor pool , complimentary breakfast, free wifi, free parking, RV parking, in room coffee/tea makers, microwaves and refrigerators. DEMAND DRIVERS / SURROUNDING ATTRACTIONS ? Longwood University - Home of the 2016 Vice Presidential Debate (1.5 Miles) ? R.R. Moton Museum (1.5 Miles) ? Longwood Center for the Visual Arts (2.3 Miles) ? High Bridge Trail (2.6 Miles) ? The Manor Golf Course (3.4 Miles) ? Hampden-Sydney College (5.8 Miles)

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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