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Hotel-Motel

Comfort & Quality Inn Kanawha City

6400 MacCorkle Ave SE, Charleston, WV 25304

Listing Price: $7,950,000

Cap Rate
10.40%
Number of Rooms
140
RevPAR
$43
Gross SF
97,563
Price/Room
$56,786
RRM
3.63
Price/Gross SF
$81.49
Year Built
1996

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire the recently converted, dual-branded Comfort and Quality Inn located in Charleston, West Virginia. Both properties are situated on a 2.7-acre parcel and have been completely renovated in 2020. Comfort Inn is a 70-key, 3-story interior corridor building and is expected to open in late September. The Quality Inn is already reopened and operating as a 70-key, 3-story building. The hotels offer superior amenities that include a seasonal outdoor pool, business center, laundry facilities, complimentary Wi-Fi and fitness center while offering separate continental breakfast. All guest rooms include new case goods, carpet, and wall coverings. First year revenue projections exceed $2MM with an estimated NOI of $900k. The investment opportunity is located directly off Interstate 64 in the southeastern corridor of Charleston, WV. Charleston is situated in Kanawha County and is home to the state capitol making it the most populous city in the state and the central hub of government and commerce for the state of West Virginia. Major attractions within a short distance of the property include the Yeager Airport, Mardi Gras Casino & Resort, Clay Center for the Arts & Sciences, The University of Charleston, Appalachian Power Park, CAMC General Hospital, and the Charleston Civic Center which is currently going through a $3.4 million renovation. The University of Charleston (UC) is a private university that enrolls over 2,000 students with its main campus in Charleston, West Virginia. There are over twenty undergraduate major programs at UC, including Interior Design and Radiologic Science. Besides these two programs, other top majors at UC include English, Sports Administration, Education, Communications, Accounting, Nursing, and Athletic Training. Yeager Airport is a public airport three miles east of downtown Charleston, in Kanawha County, West Virginia, United States. The airport serves over 419,000 passengers annually and is located less than eight miles from the subject property. The Charleston Town Center is an enclosed shopping mall in downtown Charleston, West Virginia. One of the largest enclosed malls in the United States to be in a downtown shopping district, it has comprised more than 130 tenants on two levels at its peak, in addition to food court on a partial third level. Popular full-service restaurants include Chili's Bar & Grill, the Chop House, Outback Steakhouse and Tidewater Grill. The only remaining anchor store is JCPenney. The mall is owned by U.S. Bancorp. Choice Hotels International, Inc. is a hospitality franchisor based in Rockville, Maryland, United States. The company, which is one of the largest hotel chains in the world,[5][6] owns several hotel brands ranging from upscale to economy. As of March 31, 2019, Choice Hotels franchised 7,005 properties in 41 countries and territories worldwide, with approximately 568,112 rooms

Investment Highlights

  • Fee-simple interest in the dual- branded 70-key, Comfort Inn & 70-key, Quality Inn located in Charleston, WV
  • Quality Inn was previously operating | Comfort Inn was recently opened
  • Priced well below replacement costs and offered after recent renovations with a minimal PIP expected
  • The property is offered unencumbered of existing management and debt with long-term franchise agreements available from Choice
  • Strategically located in the State of WV's capital city with easy access directly off both Interstates 64 and 77
  • Charleston benefits from both State Capital and Major University demand generators

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s) WV0019009

    West Virginia

Hotel-Motel

Comfort & Quality Inn Kanawha City

Listing Price: $7,950,000

Cap Rate
10.40%
Number of Rooms
140
RevPAR
$43
Gross SF
97,563
Price/Room
$56,786
RRM
3.63
Price/Gross SF
$81.49
Year Built
1996

Investment Highlights

  • Fee-simple interest in the dual- branded 70-key, Comfort Inn & 70-key, Quality Inn located in Charleston, WV
  • Quality Inn was previously operating | Comfort Inn was recently opened
  • Priced well below replacement costs and offered after recent renovations with a minimal PIP expected
  • The property is offered unencumbered of existing management and debt with long-term franchise agreements available from Choice
  • Strategically located in the State of WV's capital city with easy access directly off both Interstates 64 and 77
  • Charleston benefits from both State Capital and Major University demand generators

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire the recently converted, dual-branded Comfort and Quality Inn located in Charleston, West Virginia. Both properties are situated on a 2.7-acre parcel and have been completely renovated in 2020. Comfort Inn is a 70-key, 3-story interior corridor building and is expected to open in late September. The Quality Inn is already reopened and operating as a 70-key, 3-story building. The hotels offer superior amenities that include a seasonal outdoor pool, business center, laundry facilities, complimentary Wi-Fi and fitness center while offering separate continental breakfast. All guest rooms include new case goods, carpet, and wall coverings. First year revenue projections exceed $2MM with an estimated NOI of $900k. The investment opportunity is located directly off Interstate 64 in the southeastern corridor of Charleston, WV. Charleston is situated in Kanawha County and is home to the state capitol making it the most populous city in the state and the central hub of government and commerce for the state of West Virginia. Major attractions within a short distance of the property include the Yeager Airport, Mardi Gras Casino & Resort, Clay Center for the Arts & Sciences, The University of Charleston, Appalachian Power Park, CAMC General Hospital, and the Charleston Civic Center which is currently going through a $3.4 million renovation. The University of Charleston (UC) is a private university that enrolls over 2,000 students with its main campus in Charleston, West Virginia. There are over twenty undergraduate major programs at UC, including Interior Design and Radiologic Science. Besides these two programs, other top majors at UC include English, Sports Administration, Education, Communications, Accounting, Nursing, and Athletic Training. Yeager Airport is a public airport three miles east of downtown Charleston, in Kanawha County, West Virginia, United States. The airport serves over 419,000 passengers annually and is located less than eight miles from the subject property. The Charleston Town Center is an enclosed shopping mall in downtown Charleston, West Virginia. One of the largest enclosed malls in the United States to be in a downtown shopping district, it has comprised more than 130 tenants on two levels at its peak, in addition to food court on a partial third level. Popular full-service restaurants include Chili's Bar & Grill, the Chop House, Outback Steakhouse and Tidewater Grill. The only remaining anchor store is JCPenney. The mall is owned by U.S. Bancorp. Choice Hotels International, Inc. is a hospitality franchisor based in Rockville, Maryland, United States. The company, which is one of the largest hotel chains in the world,[5][6] owns several hotel brands ranging from upscale to economy. As of March 31, 2019, Choice Hotels franchised 7,005 properties in 41 countries and territories worldwide, with approximately 568,112 rooms

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s): WV0019009

    West Virginia

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