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Hotel-Motel

Comfort Suites Abingdon I-81

1093 Old Berry Dr, Abingdon, VA 24210

Listing Price: $5,200,000

Cap Rate
12.18%
Number of Rooms
65
RevPAR
$57
Price/Room
$80,000
RRM
3.83
Year Built
2005

Investment Overview

Comfort Suites Abingdon I-81, situated on a 2 acre lot, is a 65 room, 3-story, interior-corridor hotel built in 2005. Subject hotel is in excellent condition, having completed the brands Move to Modern property improvement plan, leaving a new owner with little to no PIP anticipated Hotel is expected to receive the brands Gold award (at a minimum), if not Platinum. In 2017/2018, property performance was significantly impacted by Virginia Department of Transportation (VDOT) I-81 exit 14 (subject property’s exit) construction, lasting 2 years and resulting in traffic re-routing and periodic partial/full closures. In 2019, Comfort Suites Abingdon performance significantly rebounded, however hotel was impacted this time, by Move to Modern renovation. Hotel is now positioned, with completion of both VDOT construction and property renovation, to significantly outperform property best-year historicals. Significant performance upside should await a new owner. The hotel is located in Southwestern Virginia, approximately 15 miles from the Tennessee border and ideally located within one-half mile of I-81. The Comfort Suites is the perfect location for leisure travelers looking to experience the dynamic outdoor, cultural, culinary and shopping scenes of this charming small southern town, as well as those doing business in the area or simply traveling the heavily trafficked I-81 corridor on their way through the state. The Comfort Suites Abingdon I-81 is also located just fifteen miles from planned Bristol, VA-based HardRock Hotel & Casino, which is estimated to bring in an additional four million annual visitors to the area. Local casino gaming referendum was approved in November 3 election, bringing casino gaming (significant demand driver) to the area as early as 2021.

Investment Highlights

  • Rare Find Investment Opportunity
  • Trailing-12 Revenues EXCEED Pre-Covid Levels
  • Move-to-Modern PIP Completed | Minimal PIP Anticipated
  • I-81 Location
  • Interior Corridor

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Hotel-Motel

Comfort Suites Abingdon I-81

Listing Price: $5,200,000

Cap Rate
12.18%
Number of Rooms
65
RevPAR
$57
Price/Room
$80,000
RRM
3.83
Year Built
2005

Investment Highlights

  • Rare Find Investment Opportunity
  • Trailing-12 Revenues EXCEED Pre-Covid Levels
  • Move-to-Modern PIP Completed | Minimal PIP Anticipated
  • I-81 Location
  • Interior Corridor

Investment Overview

Comfort Suites Abingdon I-81, situated on a 2 acre lot, is a 65 room, 3-story, interior-corridor hotel built in 2005. Subject hotel is in excellent condition, having completed the brands Move to Modern property improvement plan, leaving a new owner with little to no PIP anticipated Hotel is expected to receive the brands Gold award (at a minimum), if not Platinum. In 2017/2018, property performance was significantly impacted by Virginia Department of Transportation (VDOT) I-81 exit 14 (subject property’s exit) construction, lasting 2 years and resulting in traffic re-routing and periodic partial/full closures. In 2019, Comfort Suites Abingdon performance significantly rebounded, however hotel was impacted this time, by Move to Modern renovation. Hotel is now positioned, with completion of both VDOT construction and property renovation, to significantly outperform property best-year historicals. Significant performance upside should await a new owner. The hotel is located in Southwestern Virginia, approximately 15 miles from the Tennessee border and ideally located within one-half mile of I-81. The Comfort Suites is the perfect location for leisure travelers looking to experience the dynamic outdoor, cultural, culinary and shopping scenes of this charming small southern town, as well as those doing business in the area or simply traveling the heavily trafficked I-81 corridor on their way through the state. The Comfort Suites Abingdon I-81 is also located just fifteen miles from planned Bristol, VA-based HardRock Hotel & Casino, which is estimated to bring in an additional four million annual visitors to the area. Local casino gaming referendum was approved in November 3 election, bringing casino gaming (significant demand driver) to the area as early as 2021.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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