Marcus & Millichap is pleased to offer the opportunity to acquire the Comfort Inn located in Asheboro, North Carolina. The subject property experiences a very high daily traffic count as it rests on 3 acres at the intersection of Interstate-74 and Highway-64. The property is well maintained and has been historically operating as a Comfort Inn and will be sold unencumbered of brand and management with multiple rebranding opportunities available. The Comfort Inn currently achieves 3.5 out of 5 stars on TripAdvisor and ranks as the 3rd best hotel in Asheboro, North Carolina. The subject property offers amenities such as an outdoor pool with sundeck, picnic area, fitness center and meeting space.
The Comfort Inn has a strong historical revenue performance exceeding $1,750,000 for the past three years. Due to the minimal overhead and a fantastic location, this asset operates at a very healthy Net Operating Income margin of nearly 35% currently as a Choice branded property. Based on the multiple rebranding options and ease of use, we expect a new operator to capitalize on the strong historical revenues and increase the operating margins through hands-on management.
The location for the Comfort Inn is considered A+ due to the walkability, high traffic count intersection, the proximity to the mall, and distance from other demand generators. The subject property is located near the Richard Petty NASCAR museum as well as the Worlds Largest Outdoor Habitat Zoo. The North Carolina Zoo set and attendance record of 860,000+ guests in 2017 and is the preferred hotel for the Zoo.
More than 50 aviation companies—including jet manufacturers and maintenance providers—have facilities at the Piedmont Triad Airport, where FedEx sorts up to 400 packages per minute in a 1-million-square-foot facility. UPS and several other major freight companies also take advantage of Greensboro’s location within 650 miles of one-half of the U.S. population. A highly skilled manufacturing force produces specialty coatings and components for the electronics, aerospace, defense and wireless industries. Other important industries in the area include life sciences and specialized business services.