501 Blackstock Rd, Spartanburg, SC 29301
62 Room Hotel | Spartanburg, SC 29301 | $5,250,000 ($84,677/Room)
For Sale
Active
Asking Price $5,250,000
- Property Type
-
Hospitality
- Square Feet
- 122,187 SF
Listing Contacts
- Property Info
Property Overview
Connolly Investments, as sole and exclusive representative of the Seller, is pleased to offer for sale the Sleep Inn in Spartanburg, SC (the “Hotel” or “Property”). This offering features a recently renovated 62-key hotel with fee-simple real estate, unencumbered by debt or management contracts. The property is fully operational with an established 15-year franchise term and is strategically located in a high-growth market that has shown impressive year-over-year revenue growth. Recently renovated in March of 2023, this opportunity allows a new buyer to acquire with minimal additional cap-ex requirements while presenting the opportunity to stabilize the asset and increase revenue at market comparable levels. The property benefits from a high traffic area in close proximity to key demand drivers such as downtown Spartanburg, Wofford College, Spartanburg Community College, and various recreational and cultural venues. With South Carolina's impressive economic and job growth rates, the state has become a prime destination for businesses, making the Sleep Inn Spartanburg an attractive investment opportunity in a thriving market.
*Please do not disturb the employees and customers. All site visits and tours must be pre-scheduled*
In Association with Scott Reid & ParaSell, Inc. A Licensed South Carolina Broker #23763
*Please do not disturb the employees and customers. All site visits and tours must be pre-scheduled*
In Association with Scott Reid & ParaSell, Inc. A Licensed South Carolina Broker #23763
Property Details
- Class
- B
- Year Built/Renovated
- 1996/2023
- Stories
- 3
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 83,200 SF
- Units
- 62
Highlights
- This offering features a recently renovated 62-key hotel with fee-simple real estate, unencumbered by debt or management contracts.
- The property is fully operational with an established 15-year franchise term and is strategically located in close proximity to high traffic retail.
- Opportunity to stabilize, comparative analysis from the STR report reveals that comparable properties are presently achieving an $67.39 RevPAR.
- Benefits from significant daily traffic counts including 101,660 VPD (Vehicles per Day) on I-65, 7,362 VPD on S Blackstock Rd, and 56,386 on Redville.
- The PPK of acquisition stands notably below the replacement cost PPK
- In close proximity to key demand drivers such as downtown Spartanburg, Wofford College, Spartanburg Community College, and various recreational areas.
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