Marcus & Millichap is pleased to exclusively offer the opportunity to acquire the Sleep Inn by Choice hotels located at 701 Professional Park Dr, in Summersville West Virginia. The Sleep Inn is a select service, interior corridor property, and sits on a 2.32 acre parcel. It is a two-story building consisting of 95 operational rooms throughout a single building. The Sleep Inn offers a business center, seasonal outdoor swimming pool, complimentary breakfast, and free high speed internet among other amenities. The Sleep Inn has also recently undergone the “Design to Dream” improvement package and will require minimal PIP for new ownership.
The subject hotel was built in 1994 and is being offered unencumbered with fee simple interest. The building area consists of approximately 36,500 square feet and the exterior is a masonry construction with EFIS exterior and a pitched roof with asphalt shingles which was completely replaced in 2012. The hotel also comes equipped with an elevator with first and second floor access.
The subject property based on its strategic location and superior accommodations is a top market performer among its class. The property is currently operating at an occupancy of 39.7%, an ADR of $82.70, and a RevPAR of $32.86 which is penetrating the market at an index of 76.6%. 2018 year-end revenues were approximately $1.2MM with an NOI of $234,000. The Sleep in is up 8% in RevPAR compared to the same trailing twelve month period in 2018 (April 2019).