Comfort Suites Lake Norman Huntersville

Property Listed by Bryan Johnson License Number: NC 271733.
Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view financial history including revenue, NOI, ADR, and Occupancy by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.
Colliers, as an exclusive representative of the seller, is pleased to present to qualified purchasers, the Comfort Suites Lake Norman-Huntersville, located at 14510 Boulder Park, Drive, Huntersville, NC 28078. The Comfort Suites is a four-story, interior corridor, limited service offering constructed in June 2010. The hotel is conveniently located 20 minutes (14 miles) from Charlotte City Center. The hotel sits on 2.42 acres positioned conveniently in a high-traffic tourism corridor of the Charlotte MSA at the intersection of Statesville Rd/Route 21 (21,000 vehicles per day), Gilead Rd (34,000 vehicles per day) and Interstate-77 (92,000 vehicles per day). The hotel is offered with fee-simple interest, unencumbered of management, and unencumbered of debt. The hotel, which was purchased by current ownership in 2018, underwent an extensive renovation totaling approximately $1,700,000 from 2020 to 2023, in conjunction with a new twenty-year licensed signed in 2018 through 2038. It is expected that a prospective purchaser may be able to secure a new 20-year franchise agreement with the Comfort Suites flag under Choice Hotels upon the completion of a modest Change-in-Ownership Property Improvement Plan.
Operationally, upside remains for a prospective purchaser by utilizing the recently completed change-in-ownership PIP to position the hotel better against its competitive set. As notated by the STR Monthly Trends Report, the hotel ranked 4th of 6 hotels in its competitive set for Occupancy in 2021, 2022, and 2023, consecutively. Similarly, the hotel ranked 4th of 6 hotels in ADR in 2021 and 2022, and 3rd of 6 hotels in ADR in 2023. This contributed to RevPAR penetration indices of 99% in 2021, 85% in 2022, and 92% in 2023, versus a competitive set of Country Inn & Suites Lake Norman (1999 construction), Comfort Suites Near Birkdale Village (1999 construction), Best Western Pluss Huntersville Inn (2000 construction), Hampton by Hilton Inn & Suites Huntersville (2011 construction), and My Place Hotel Huntersville (2020 construction). Given the recent renovations completed in 2022 at the Comfort Suites, as well as the superior age, structure, and location of the building relevant to its competitive set, a prospective purchaser could expect to significantly increase ADR and Occupancy at the hotel to thereby increase RevPAR and overall returns.