Marcus & Millichap is pleased to offer the opportunity to acquire the dual branded Baymont Inn and Travelodge located in scenic Harriman Tennessee. The two-property portfolio consists of an 80 room Baymont Inn and Suites as well as a 48 room Travelodge located on adjacent parcels. This portfolio was recently repositioned and renovated in 2018 and represents a fantastic opportunity for an owner operator or first time buyer to capitalize on the strong market growth occurring in Harriman. In addition to the two hotels, the seller is also including 13.6 acres of additional vacant land located directly adjacent to the portfolio. The Baymont Inn & Suites has recently been repositioned from a Quality Inn and the Travelodge has recently been repositioned from Rodeway Inn, both properties have been renovated with new room amenities and common area upgrades. The Travelodge also comes with two additional guest rooms that are currently being used as a manager’s apartment. The portfolio is strategically located directly off US-27, just minutes off I-40 with traffic counts of over 60,000 vehicles per day. In 2017, while undergoing renovations, the Baymont (former Quality Inn) generated $470,000
In 2017, while undergoing renovations, the Baymont (former Quality Inn) generated $470,000 in room revenue and as of the June 2018 STR report, the property is operating at an occupancy of 28.0%, an ADR of $57.18, and a RevPAR of $16.03. The Travelodge (former Rodeway Inn) generated over $230,000 in room revenue during 2017 as well while also undergoing renovations and as of June 2018 STR report, the Travelodge is operating at an occupancy of 24.5%, an ADR of $46.50, and a RevPAR of $11.39. Considering the competitive set operated with a $60 RevPAR during the same period, it is safe to assume the portfolio will produce a combined revenue in excess of $1,000,000 in 2019. The portfolio based on its strategic location and recent renovations, should be a top market performer among its class once completely stabilized. The portfolio has significant upside in both operations and marketing.
