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Hotel-Motel

Bristol Arcadia Inn (former Comfort Inn)

3050 Lee Hwy, Bristol, VA 24202

Listing Price: Request For Offer

Number of Rooms
84
RevPAR
$1
Year Built
1994

Investment Overview

Marcus & Millichap’s National Hospitality Group (“M&M”), as an exclusive representative of the seller, is pleased to present for sale to qualified buyers, the Bristol Arcadia Inn (former Comfort Inn), Bristol, VA. Bristol Arcadia Inn is an 84 room, 2 story, interior corridor hotel built in 1994 and fully renovated in 2019. As Casino Gaming has been approved for Bristol, VA, with casino operations beginning July 2022, this property provides a new, engaged owner with the unique opportunity to purchase just as this significant demand driver is entering the market. Only 7 miles (approximate 7 minute drive time)away, subject property is one of the closest limited service properties to the Casino and should be greatly impacted by the anticipated four million annual visitors generated. Property has been operated as an independent, and by an absentee owner, since January 2021. While revenues have, not surprisingly, fallen since detaching from a brand's reservation and marketing engines, trailing-10 month revenues as of April 2022 are down only 8.7% from Pre-Covid levels. This asset is likely to find immediate success as a franchised property owned/operated by an involved and engaged owner. Several brand options for reflagging exist. 2017 represents the last year not impacted by non-recurring events. In that year, the non-renovated property generated revenues above $1,000,000. 2018-2019 was impacted by renovation, although hotel still generated revenues of $885,000 in 2018. 2019 was additionally impacted by plumbing issues during second half of the year that required 61 rooms be taken out of inventory. Here again, $800,000 in revenues was still produced. Historically, property has generated adr indexes well above the competitive set. However, occupancy performance has suffered, with occupancy indexes in the low-to-mid 70% range. New owner's ability to greatly impact these occupancy indexes, especially with the opening of Casino Gaming, should be achievable while still maintaining superior ADR indexes. The hotel is located in Southwestern Virginia, approximately 5 miles from the Tennessee border and ideally located within one-half mile of I 81. Bristol is the perfect location for leisure travelers looking to experience the dynamic outdoor, cultural, culinary & shopping scenes of this charming small southern town & world class NASCAR racing as well. Property also benefits from those doing business in the area or simply traveling the I 81 corridor on their way through the state.

Investment Highlights

  • Significant New Demand Driver Entering Market | Unique Opportunity to Purchase as Bristol Casino Gaming is Launching
  • Operated as Independent Since January 2021. Reflagging Should Have Very Positive Revenue Impact.
  • Tremendous Upside Opportunity
  • Absentee Owner
  • Excellent Property Condition
  • I-81 Corridor Location | One-Tenth of Mile from Exit
  • Interior Corridor
  • 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

Bristol Arcadia Inn (former Comfort Inn)

Listing Price: Request For Offer

Number of Rooms
84
RevPAR
$1
Year Built
1994

Investment Highlights

  • Significant New Demand Driver Entering Market | Unique Opportunity to Purchase as Bristol Casino Gaming is Launching
  • Operated as Independent Since January 2021. Reflagging Should Have Very Positive Revenue Impact.
  • Tremendous Upside Opportunity
  • Absentee Owner
  • Excellent Property Condition
  • I-81 Corridor Location | One-Tenth of Mile from Exit
  • Interior Corridor
  • Fee-Simple Offering

Investment Overview

Marcus & Millichap’s National Hospitality Group (“M&M”), as an exclusive representative of the seller, is pleased to present for sale to qualified buyers, the Bristol Arcadia Inn (former Comfort Inn), Bristol, VA. Bristol Arcadia Inn is an 84 room, 2 story, interior corridor hotel built in 1994 and fully renovated in 2019. As Casino Gaming has been approved for Bristol, VA, with casino operations beginning July 2022, this property provides a new, engaged owner with the unique opportunity to purchase just as this significant demand driver is entering the market. Only 7 miles (approximate 7 minute drive time)away, subject property is one of the closest limited service properties to the Casino and should be greatly impacted by the anticipated four million annual visitors generated. Property has been operated as an independent, and by an absentee owner, since January 2021. While revenues have, not surprisingly, fallen since detaching from a brand's reservation and marketing engines, trailing-10 month revenues as of April 2022 are down only 8.7% from Pre-Covid levels. This asset is likely to find immediate success as a franchised property owned/operated by an involved and engaged owner. Several brand options for reflagging exist. 2017 represents the last year not impacted by non-recurring events. In that year, the non-renovated property generated revenues above $1,000,000. 2018-2019 was impacted by renovation, although hotel still generated revenues of $885,000 in 2018. 2019 was additionally impacted by plumbing issues during second half of the year that required 61 rooms be taken out of inventory. Here again, $800,000 in revenues was still produced. Historically, property has generated adr indexes well above the competitive set. However, occupancy performance has suffered, with occupancy indexes in the low-to-mid 70% range. New owner's ability to greatly impact these occupancy indexes, especially with the opening of Casino Gaming, should be achievable while still maintaining superior ADR indexes. The hotel is located in Southwestern Virginia, approximately 5 miles from the Tennessee border and ideally located within one-half mile of I 81. Bristol is the perfect location for leisure travelers looking to experience the dynamic outdoor, cultural, culinary & shopping scenes of this charming small southern town & world class NASCAR racing as well. Property also benefits from those doing business in the area or simply traveling the I 81 corridor on their way through the state.

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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