Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2089/ Marcus & Millichap is pleased to present The Cascades Mountain Resort, a 100-room Ascend Collection Hotel by Choice Hotels and a vacant ancillary building that can be converted to a 50-room extended stay hotel or 20-unit apartment complex (the “Property”). The Property is located at 201 Sugarloaf Road, in Hendersonville, North Carolina (Asheville MSA). The Cascades Mountain Resort is an operational, full-service hotel complete with space for a restaurant/bar, an indoor water park and other common areas. The ancillary annex building development opportunity is currently vacant but has the potential to be converted to a ±50-room hotel or a ±20-unit apartment complex most likely with ten 1-bedroom units and ten 2-bedroom units after appropriate renovations. The Cascades Mountain Resort is a 100-room, two-story, interior-corridor hotel located immediately off of Interstate-26 (±65,000 VPD) and Route 64 (±38,000 VPD) on a ±6.24-acre parcel. The property, originally built in 1967, underwent a major renovation between 2016 and 2018 to meet Choice Hotels' Ascend Collection standards. Formerly an exterior-corridor Quality Inn, prior ownership invested over $4,650,000 in renovation costs to convert the property to an interior-corridor, full-service resort. Transformative renovations included: Converting the exterior corridors to encased glass hallways a comprehensive remake of the indoor pool area to create a 12,000-square-foot indoor water park complete with natural stone, indoor gardens, waterfalls, and a two-story, 110-foot water slide. A separate hot tub area was created over three enclosed, private sections of the water park. The resort includes a fitness center, a cafe, a game room, a gift shop, along with a 4,600-square-foot conference room which can seat up to 300 people, and 2,500-square-feet of full-service restaurant space. There is also a bar area that has historically served resort patrons as well as locals. The restaurant/bar is currently vacant but has consistently been leased since the hotel reopened as a member of the Ascend Collection family in 2018. The three-story building adjacent to the Cascades Mountain Resort is a 21,000-square-foot interior-corridor structure suited for renovation to extended-stay hotel rooms or apartments. It is offered with the Cascades Mountain Resort for a total of approximately ±6.24 acres and presents investors with an opportunity to reopen as either a ±50-room extended stary hotel (The Annex) or a ±20-unit apartment complex.