Marcus & Millichap is pleased to offer the opportunity to acquire the Comfort Suites located 100 Wildwood Road in Salem, VA. The Comfort Suites is a 72 room, 3 Story, interior corridor hotel that was built in 2008. The property is in good condition due to periodic property improvement updates. 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 upcoming capital improvements and grow the top-line revenue through increased sales and marketing efforts. The hotel has experienced a 9.3% increase in RevPAR during the past 12-month period (August 2019).
The Comfort Inn is strategically located directly off Interstate-81 within walking distance to many of Salem’s major demand generators. Restaurants that are within ½-mile radius of the property include of Arby’s, Denny’s, Hardee’s, Dairy Queen, Italiano’s Pizza, Applebee’s, and El Rodeo’s Mexican Restaurant. Other notable businesses within a half mile radius of the property consist of Food Lion, Wal-Mart Super Center, Dollar General, and a major U.S. Foods distribution 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 (3.5 Miles), Salem Fair Grounds (3.5 Miles), Salem Red Sox Baseball Stadium (3.6 Miles), and Salem Museum (5.0 Miles). Roanoke College is also only 2.4 miles from the property.