Marcus & Millichap is pleased offer the opportunity acquire the Best Western Conference Center located in Johnson City, Tennessee. This property contains 116 keys, made up of kings, double queens, and luxurious suites. The property underwent a major renovation over the past 24 months. The property has historically performed well and is extremely well maintained The ideally located Best Western is situated just off heavily traveled I-26 at exit 20B. I-26 is a major northwest-southeast thoroughfare that connects Kingsport, Tennessee to Charleston, South Carolina. The hotel is about 3 miles from the Johnson City Medical Center, 5.5 miles from East Tennessee State University, and less than 10 miles from Bristol Motor Speedway. This four-story, 116 room, mixed corridor hotel offers an investor the opportunity to buy a recently renovated Best Western well below replacement cost. The property consists of approximately 5.8+/- acres and is zoned commercial. This hotel is ranked #9 out of #19 on TripAdvisor and has won multiple "Award of Excellence” designations. This property has both meeting and restaurant space available that generates about $80k annually. The restaurant lease is current with another 4 years remaining with an option to renew. This opportunity presents an investor the opportunity to acquire a stabilized Best Western in a market with multiple demand generators. The property utilizes 59 exterior corridor rooms to compliment the 57 interior corridor rooms. The property is being offered free and clear of management and free and clear of debt. Current seller has spent approximately $600k ($5200/key) in the past 18 months. The renovation consisted of all new mattresses in the interior building, 2 new gas water heaters, new gas line, new electric system, and all FF&E in the common areas. Additionally, all new tubs, new toilets, new wall surrounds, new tile, new vanity light, new closet shelves and towel bars.
