170 Jonesboro Road, Abingdon, VA

Hotel for Sale - $3,500,000 - 1.82 acres


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Agent Info

NameDavid Wiener

Property Info

CIMLS #1024021
Location170 Jonesboro Road
Abingdon VA 24210
Last UpdatedAugust 20th, 2018
TypeHotel
Price$3,500,000
Land1.82 acres
DemographicsView data

Contact


Property Description

Comfort Inn Abingdon, situated on a 1.82 acre lot, is an 80 room, 2-story, interior-corridor hotel built in 1988. Upon sale, the Comfort Inn flag will be removed, providing new ownership with several potential options for rebranding, including Best Western, Motel 6 and others. Hotel is in excellent condition, with capital expenditures over the past 5 years exceeding $400,000, including a new roof, renovated guestrooms/bathrooms, new breakfast bar and lobby market-to-go, elevator installation and more. Property received Choice Hotels International’s 2011 “Best Renovation/Re-Design” Award, and has routinely received brand inspection report ratings in excess of 90% in “Cleanliness” and “Condition”.

While the property enjoys an ADR penetration premium to the competitive set, property occupancy is below fair-share and provides opportunity to increase top line revenues. Due to 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 closure, Comfort Inn Abingdon occupancy has greatly suffered. Simply returning to pre-VDOT construction occupancies provides significant occupancy upside.

The hotel is located in Southwestern Virginia, approximately 15 miles from the Tennessee border and ideally located within ½ mile of I-81. The Comfort Inn 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. .

Hotel amenities include access to outdoor heated pool, free hot breakfast, lobby market-to-go, 32-inch flat screen TVs, free wi-fi, in-room refrigerators and coffee/tea makers.


Financials

Room Revenue: $1,045,961

NOI: $348,042

Room Revenue Multiplier: 3.35


Location