Hotel-Motel
Comfort Inn Grantsville - Deep Creek Lake
2541 Chestnut Ridge Rd, Grantsville, MD 21536
Listing Price: $5,300,000
Investment Overview
Marcus & Millichap's National Hospitality Group, as exclusive representative of the seller, is pleased to present for sale to qualified investors, the Comfort Inn Grantsville-Deep Creek Lake, located in Grantsville, MD. Comfort Inn Grantsville will trade below replacement cost and with minimal change-of-ownership PIP.
Situated on a 3.99 acre lot and built in 1979, this 91-room, four-story interior-corridor property sits at the intersection of Interstate 68 (exit 22) and State Route 219. Subject property has excellent visibility from I-68 (1/10th mile) and traffic volume of approximately 17,500 vehicles daily. Due to its visiblity and ease of access, Comfort Inn Grantsville is perfectly situated to capture both corporate business and transient travelers. Property has several annual high-demand periods, including capturing overflow West Virginia University (50 miles) business during football season and graduation/commencement events and Frostburg State University (11 miles) athletics.
With property-wide renovations completed in 2023 totalling in excess of $$$$, subject property promptly began its market repositioning. Eventhough current ownership is not solely focused on operating this asset, as their time and attention is spread over multiple hotels, 2024 results nevertheless. were impressive. Leveraging the renovated product and strength of the Comfort brand, and with all guestrooms back in inventory following renovation completion, 2024 occupancy increased by 11%, occupancy penetration versus competitive set increased by 14%, Revpar was up 18% and Revpar penetration outpaced the competitive set by 14%. Even with these outstanding gains, significant upside remains as new, hands-on ownership should be able to greatly improve upon ADR and Occupancy performance. Year end finished at only 93% ADR penetration and 81% Occupancy penetration. With the nearest branded property approximately 14 miles away, and positioned, with renovation at the high end of their competitive set, the Comfort Inn Grantsville should be able to drive Occupancy penetration above 90% and meet/exceed 100% ADR penetration.
Exclusively Listed By
Listing Price: $5,300,000
Investment Highlights
- Recently Renovated / Minimal PIP Anticipated
- Distracted Current Ownership Involvement
- Directly Off Interstate 68
- Significant Upside Potential
- Only Branded Property In Area
- Fee Simple Interest
Investment Overview
Marcus & Millichap's National Hospitality Group, as exclusive representative of the seller, is pleased to present for sale to qualified investors, the Comfort Inn Grantsville-Deep Creek Lake, located in Grantsville, MD. Comfort Inn Grantsville will trade below replacement cost and with minimal change-of-ownership PIP. Situated on a 3.99 acre lot and built in 1979, this 91-room, four-story interior-corridor property sits at the intersection of Interstate 68 (exit 22) and State Route 219. Subject property has excellent visibility from I-68 (1/10th mile) and traffic volume of approximately 17,500 vehicles daily. Due to its visiblity and ease of access, Comfort Inn Grantsville is perfectly situated to capture both corporate business and transient travelers. Property has several annual high-demand periods, including capturing overflow West Virginia University (50 miles) business during football season and graduation/commencement events and Frostburg State University (11 miles) athletics. With property-wide renovations completed in 2023 totalling in excess of $$$$, subject property promptly began its market repositioning. Eventhough current ownership is not solely focused on operating this asset, as their time and attention is spread over multiple hotels, 2024 results nevertheless. were impressive. Leveraging the renovated product and strength of the Comfort brand, and with all guestrooms back in inventory following renovation completion, 2024 occupancy increased by 11%, occupancy penetration versus competitive set increased by 14%, Revpar was up 18% and Revpar penetration outpaced the competitive set by 14%. Even with these outstanding gains, significant upside remains as new, hands-on ownership should be able to greatly improve upon ADR and Occupancy performance. Year end finished at only 93% ADR penetration and 81% Occupancy penetration. With the nearest branded property approximately 14 miles away, and positioned, with renovation at the high end of their competitive set, the Comfort Inn Grantsville should be able to drive Occupancy penetration above 90% and meet/exceed 100% ADR penetration.
Exclusively Listed By
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