Marcus & Millichap is pleased to offer the opportunity to acquire the recently renovated Comfort Inn located in Rocky Mount, North Carolina. This property is in the process of stabilizing after an extensive renovation was completed in 2018. The renovation included updating the cased goods, paint, carpet, LVT flooring, bathrooms, lobby, and FF&E. The exterior was also updated with a new roof/roof line, port cache, paint and signage. The property has 125 well appointed guest rooms spread out over 5 stories and offers guest premium amenities including an outdoor pool, meeting space, snack market, Wi-Fi, business center and a fitness center.
Based on the extensive renovation completed in 2017/2018 the brokerage team expects a minimal Property Improvement Plan for a new investor. The 2018 year-end gross revenues exceeded $2,600,000 with a Net Operating Income of approximately $750,000. The EBITDA in 2018 was only 28.9% of revenues due to renovation expenses and PIP related items. The 2019 gross revenues are expected to exceed $2,875,000 with a projected Net Operating Income of nearly $1,000,000 after adding in a 3% management fee.
The Comfort Inn is strategically located directly off Interstate-95 within walking distance to a few of Rocky Mounts major demand generators. Nash General Hospital is walking distance to this hotel which has over 345 beds at four licensed hospitals. Also within walking distance is the convention center which is directly across the street from the hotel. Nash County’s location is both convenient and easily accessible from all directions, making it the perfect spot for sports tournaments, family reunions, business meetings, seminars, conferences, and special events. The property is located less than 4 miles form the Rocky Mount Sports Complex, one of the largest demand generator for the region. The Complex, completed in the fall of 2006, includes six youth baseball fields, four interchangeable baseball/softball fields, one championship baseball field, eight soccer/football fields, a professional disc golf course, two outdoor basketball courts, outdoor volleyball courts, picnic shelters and a walking trail. The complex hosts local Parks and Recreation leagues, as well as, a full slate of regional, state and national sporting events.