Marcus & Millichap is pleased to offer the opportunity to acquire the Comfort Suites located 2898 Keagy Rd, Salem, VA. The Comfort Suites is a 78 room, 3-Story, interior corridor-hotel that was built in 1997. The property has recently undergone a significant property improvement plan and is offered in great condition. The guest rooms include cable TV, HBO, coffeemakers, hairdryers, irons and ironing boards. The larger suites also include refrigerators and microwaves to accommodate extended stay guests. Additional amenities include a well-appointed dining room with a large breakfast bar area, guest laundry facilities. fitness center. business center with high speed Internet access and an indoor pool.
The hotel is being offered unencumbered of management and debt with the ability to retain the Comfort Suites flag via a long-term franchise agreement with Choice Hotels International. A new investor has the ability to capitalize on the recent capital improvements and grow the top-line revenue through increased sales and marketing efforts. The hotel has experienced a 2.4% increase in RevPAR during the past 12-month period (August 2019).
The Comfort Suites Inn at Ridgewood Farm is just off Highway 11 and near everything on your Salem itinerary. It’s a short drive to play a round at Hidden Valley Country Club and to hike through Mowles Spring Park. Our convenient location makes it easy to attend an event at the Berglund Center or to enjoy craft brews and comfort food at Mac and Bob’s. Visiting families and prospective students alike appreciate our proximity to Roanoke College, named one of the 20 most beautiful campuses in the country. We’re also close to Salem Memorial Ballpark and the Salem Civic Center.Salem, Virginia is located in Roanoke County and is home to several major businesses. Top employers in Roanoke County consist of Wal-Mart, Kroger, Carilion Clinic, HCA Virginia Health Systems, Wells Fargo, Norfolk Southern, and Yokohama Tire Corporation. Other recreational and local attractions in Salem include the Salem Civic Center, Salem Fair Grounds, Salem Red Sox Baseball Stadium, and Salem Museum . Roanoke College is also a short drive from the subject property.