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Hotel-Motel

Heldreth Motel

15259 S Preston Hwy, Kingwood, WV 26537

Listing Price: $525,000

Number of Rooms
67
RevPAR
$5
Price/Room
$7,836
RRM
4.08

Investment Overview

The Heldreth Motel, situated on .67 acre lot, is a 67 room, 2-story, exterior-corridor hotel built in 1963. New metal roof was installed in 2014. The parcel also contains a second building of approximately 5,360 square feet, that is leased restaurant space, providing an additional revenue stream to owners.

Motel is located in the beautiful West Virginia mountains, fronting S. Preston Hwy/Route 26, just one-half mile from Route 7 and approximately 20 miles from the I-79/I-68 interchange. Mon Health Preston Memorial Hospital is just one-half-mile away, and within three miles are the Cheat River white water rapids and Dawson Army Camp. The bustling college town of Morgantown, WV, home to West Virginia University, is only 23 miles away.

Subject property operates as an independent hotel, unencumbered by any franchise/management agreement and therefore no change-of-ownership PIP is required.

Motel has had same ownership group since XXX, however family disengaged from any and all day to day management responsibilities beginning in 2016. Since then, property has been completely operated by staff, with no ownership oversight which has taken tremendous toll on financial results. Prior to this transition, revenues were strong and consistent, ranging from $365,000 to $392,000, from 2013-2015. Since this time, revenues have eroded, with 2019 YE revenues coming in at $205,000.

The motel continues to be free of nearby market competition, providing an active, engaged owner/operator with an opportunity to return the hotel to Pre-absentee ownership levels.

Property is being offered at an extremely attractive 2.56X revenue multiplier, and well below replacement cost, at $7,836 per key, allowing new ownership to significantly drive NOI gains and also hugely impact asset value.

Hotel amenities include restaurant & lounge, complimentary wi-fi, in-room microwave and fridge, bus/truck parking and cold weather hookups for trucks/RVs..

Investment Highlights

  • Leased Restaurant Creates Additional Revenue Stream
  • Desirable Location
  • Fee Simple
  • Motivated Seller
  • Absentee-Ownership
  • Underperforming Asset

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    License(s): WV0019009

    West Virginia

Listing Price: $525,000

Number of Rooms
67
RevPAR
$5
Price/Room
$7,836
RRM
4.08

Investment Highlights

  • Leased Restaurant Creates Additional Revenue Stream
  • Desirable Location
  • Fee Simple
  • Motivated Seller
  • Absentee-Ownership
  • Underperforming Asset

Investment Overview

The Heldreth Motel, situated on .67 acre lot, is a 67 room, 2-story, exterior-corridor hotel built in 1963. New metal roof was installed in 2014. The parcel also contains a second building of approximately 5,360 square feet, that is leased restaurant space, providing an additional revenue stream to owners.

Motel is located in the beautiful West Virginia mountains, fronting S. Preston Hwy/Route 26, just one-half mile from Route 7 and approximately 20 miles from the I-79/I-68 interchange. Mon Health Preston Memorial Hospital is just one-half-mile away, and within three miles are the Cheat River white water rapids and Dawson Army Camp. The bustling college town of Morgantown, WV, home to West Virginia University, is only 23 miles away.

Subject property operates as an independent hotel, unencumbered by any franchise/management agreement and therefore no change-of-ownership PIP is required.

Motel has had same ownership group since XXX, however family disengaged from any and all day to day management responsibilities beginning in 2016. Since then, property has been completely operated by staff, with no ownership oversight which has taken tremendous toll on financial results. Prior to this transition, revenues were strong and consistent, ranging from $365,000 to $392,000, from 2013-2015. Since this time, revenues have eroded, with 2019 YE revenues coming in at $205,000.

The motel continues to be free of nearby market competition, providing an active, engaged owner/operator with an opportunity to return the hotel to Pre-absentee ownership levels.

Property is being offered at an extremely attractive 2.56X revenue multiplier, and well below replacement cost, at $7,836 per key, allowing new ownership to significantly drive NOI gains and also hugely impact asset value.

Hotel amenities include restaurant & lounge, complimentary wi-fi, in-room microwave and fridge, bus/truck parking and cold weather hookups for trucks/RVs..

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    License(s): WV0019009

    West Virginia

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