Ready-to-Flag Extended Stay Hotel
105 Room Hotel | Athens, TN 37303 | $6,250,000 ($59,524/Room)
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $6,250,000
- Property Type
-
Hospitality
- Square Feet
- 43,468 SF
Listing Contacts
Tim Takao
Verified Profile
- Property Info
Property Overview
This is a 105 unit, 2 story, exterior corridor hotel located in Southeast TN midway between Chattanooga and Knoxville directly on Interstate 75.
The hotel is poised for a strong position in the market as the only extended stay hotel for 25 miles. Pro forma revenues project to be $1,607,331 in Year 1, $1,705,217 in Year 2 and $1,826,629 by Year 3.
Complete renovations are ongoing and include all new electrical, plumbing, mechanical, fire alarm, sprinkler, drywall, flooring, paint, FF&E, public areas and much more, set to be completed by late August 2024. The hotel is fully turn-key with a tentative certificate of occupancy date of August/September 2024. The hotel features full kitchenettes in each room including a stove top, refrigerator, sink, and microwave.
It is unencumbered of brand, debt, and management with a variety of alternative brand options available for conversion including Suburban Studios (Choice), Select Suites (ESA), and others with Key Money Incentives for such a franchise license commitment.
The hotel is poised for a strong position in the market as the only extended stay hotel for 25 miles. Pro forma revenues project to be $1,607,331 in Year 1, $1,705,217 in Year 2 and $1,826,629 by Year 3.
Complete renovations are ongoing and include all new electrical, plumbing, mechanical, fire alarm, sprinkler, drywall, flooring, paint, FF&E, public areas and much more, set to be completed by late August 2024. The hotel is fully turn-key with a tentative certificate of occupancy date of August/September 2024. The hotel features full kitchenettes in each room including a stove top, refrigerator, sink, and microwave.
It is unencumbered of brand, debt, and management with a variety of alternative brand options available for conversion including Suburban Studios (Choice), Select Suites (ESA), and others with Key Money Incentives for such a franchise license commitment.
Property Details
- Class
- C
- Year Built
- 1975
- Stories
- 3
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 335,412 SF
- Units
- 105
Highlights
- 105 Room, Exterior Corridor Hotel, Well Positioned as the Only Extended Stay Hotel within 25 Miles, Excellent Location Directly on Interstate 75
- Completely Renovated: New Electrical, Plumbing, Mechanical, Fire Alarm, Sprinkler, Drywall, Flooring, Paint, FF&E and More. Total Cost of CapEx: $4.4M
- Full Kitchenettes in Each Room Including Stove Top, Refrigerator, Sink, and Microwave
- Conversion Opportunity: Several Flags Available with Key Money Incentives including Suburban Studios (Choice), Select Suites (ESA), Red Roof Inn, etc
- Pro Forma Revenues of $1,607,331 in Year 1 and Net Income of $557,229
- Certificate of Occupancy Date: Aug/Sept 2024. Seller Highly Motivated to Sell Prior to Opening - Offers Encouraged for Buyers with at Least 20% Down
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].