806 England Street
Ashland, VA 23005 ·
240 Rooms · Hotel & Motel For Sale
Days Inn & Super 8
|Price||N/A||Property Sub-type||Economy/Limited Service|
|No. Rooms||240||Property Use Type||Investment|
|Building Size||90,000 SF||Cap Rate||9%|
|Property Type||Hotel & Motel||Lot Size||6 AC|
|Listing ID: 15437578||Date Created: 11/13/2007||Last Updated: 02/25/2009|
This 240 keys asset consists of two major franchises, 90 keys Days Inn and 150 keys Super 8. The properties are well located in active Ashland, Virginia market. They are off an exit of interstate 95& . a major north south interstate highway on the east coast.
Days Inn building consists of 89 rentable rooms and Super 8 building consists of 150 rentable rooms. Due to two separate franchises, the property covers both economy and budget market sectors and enjoy franchise reservation contributions from two franchise reservation streams.
The property has been running absentee owner. With an experienced onsite owner operator coupled with two separate franchises, the property is capable of achieving revenue levels in excess of $2.0 million. At an offering price of $6.8 million the property offers a significant opportunity to a new owner. The land values in area have also been growing at a steady
The Ashland market is well developed and most of the major franchises are in the market. The market is supported by Paramount' s Kings Dominion theme park. Kings Dominion is one of the largest and most popular theme parks in the area. Families and youngsters come from Maryland, Virginia and surrounding areas for a weekend or more. During this peak demand periods the property enjoys a significant demand due to its large inventory of rooms. I -95 is another major demand generator during peak and off peak months. Snow Birds flock the properties during November to February months. In addition to these demand generators, Randolph Macon College, enrolling over 1,200 students, provide further room demand during graduation, orientation and home coming events.
A wide selection of eating establishments and other amenities are within walking distance of the properties.
The property also has leased on a long term a pad site to KFC US Properties Inc; a parent company of Kentucky Fried Chicken. The current NNN lease yields in excess of $65,000 per year in additional income.
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