Marcus & Millichap is excited to offer the opportunity to acquire the two-story renovated Baymont Inn located in Rocky Mount, Virginia. The subject property consists of 61 well-appointed guest rooms and offers an array of room categories including doubles, queens, and suites. Rocky Mount is the county seat of Franklin County, Virginia. The town is part of the Roanoke Metropolitan Statistical Area with a population of nearly 5,000 residents. The Baymont Inn is located off Highway-220 with proximity to all major demand generators including, State Parks, corporations, and the Carilion Franklin Memorial Hospital. Subject property is located within 70 miles of the Piedmont Triad International Airport and only 24 miles from Roanoke, Virginia.
2017 year-end revenues exceeded $1,000,000 and the property has experienced an 11% increase in RevPAR over the past 12 months. 2018 year-end revenues exceeded $1,100,000 with a net operating income of approximately $400,000. The investment opportunity presents an upside in operations and marketing by completing the new ownership Property Improvement Plan and increasing the Average Daily Rate while maintaining an occupancy of nearly 70%. We expect 2019 revenues to exceed $1,200,00 offering strong cash flow for a new investor. The property ranks #2 of 2 hotels in Rocky Mount and achieves 3.5 stars per TripAdvisor.
Currently the property is managed by an absentee owner and offers upside in top line revenue growth and bottom-line inefficiencies. Offered below replacement costs this asset is perfect for an owner operator to take control of operations and take advantage of the strong potential cash flow through hands-on management. A new operator should expect $1,500 a unit for a new ownership PIP to maintain Wyndham standards.