Court Order Sale | Quality Inn & Suites 502 Chestnut St 77 Hotel Rooms Online Auction Sale Virginia, MN 55792
INVESTMENT HIGHLIGHTS
- Court Ordered Sale! Currently in Receivership: 502 Chestnut Street is home to the Quality Inn & Suites hotel, a 77-key, 62,641-square-foot asset.
- Easily accessible and visible at the signalized intersection of Chestnut Street and S 5th Avenue, a built-in benefit for the monument signages.
- Hotel amenities include free parking, complimentary deluxe continental breakfast, a business center, banquet rooms, an indoor heated pool, and more.
- Great Owner Operator Opportunity! Highly rated & strong ROI acquisition opp. to join Choice; Quality Inn RevPAR Index at 56.6% of Comp Set YE 2024.
- Convenient to US Highway 53 South, the US Hockey Hall of Fame, and Essentia Health - Virginia Care Center.
- Tourism in annual events, outdoor rec., local landmarks, & historic sites; in travel proximity to Grand Rapids, Duluth, Int’l. Falls, & Minneapolis.
EXECUTIVE SUMMARY
CBRE has been exclusively retained to offer for sale the fee simple interest in the 77-key Quality Inn & Suites Virginia in the heart of St. Louis County, Minnesota.
The five-story hotel spans 77,888 square feet on a 1.11-acre site. It is just minutes from US Highway 53 South, conveniently close to the area's most visited attractions. Local points of interest include the US Hockey Hall of Fame, the Virginia Golf Course, the city’s 18-hole course, the Giant Loon, the largest floating loon sculpture in the world, Olcott Park, and Veterans Memorial Park. Popular summer activities include fishing, hiking, and boating, while winter brings opportunities for skiing, snowmobiling, and ice fishing. Annual events hosted in Virginia and around the Minnesota Iron Range, just a short drive away, include the Northern Lights Music Festival, Bands, Brews and BBQ, and the Land of the Loon Festival, which attracts thousands of people each year. Essentia Health-Virginia Care Center, a long-term care facility, also serves the community. Renowned as the Queen City of the North, Virginia has some of the region's best dining and shopping.
Hotel amenities include a complimentary hot breakfast, free Wi-Fi, a heated indoor swimming pool, and friendly staff. Guest rooms feature premium bedding, a flat-screen TV, a microwave, a refrigerator, and a coffee maker. The hotel is pet-friendly, and guests 18 and under stay for free. The hotel is centrally located and offers free parking, enabling patrons to come and go.
Virginia caters to a community-driven and professional atmosphere for business prosperity. The city commits to small business development and revitalization grants. Air travelers arrive at one of the two airports serving the Virginia area, the Eveleth/Virginia Airport, with an impressive facility featuring a large conference room, rental cars, charter aircraft, and more, and the Range Regional Airport, served by Delta Air Lines and Sun Country Airlines. In 55 minutes, travelers can be in Minneapolis, where connections can be made with all major airlines. Virginia is served by US Highways 53 and 169, State Highway 135, and is just 60 miles from Interstate 35. Being bisected by these major highways has made Virginia the eastern Iron Range retail hub.
Property Tours are taking place Wednesday (5/28) - Friday (5/30) by appointment only. Please get in touch with the listing broker to schedule. Brokers: Scott Miller 815. 543.9448 Maxx Rhode 715.222.5989
Participants in the auction may include; lender and borrower. This auction event requires additional approval from the seller, please download and send completed questionnaire located in the data room to the brokers and/or auction contact. Scott.Miller2@cbre.com Maxx.Rohde@cbre.com JKuykendall@Ten-X.com
The five-story hotel spans 77,888 square feet on a 1.11-acre site. It is just minutes from US Highway 53 South, conveniently close to the area's most visited attractions. Local points of interest include the US Hockey Hall of Fame, the Virginia Golf Course, the city’s 18-hole course, the Giant Loon, the largest floating loon sculpture in the world, Olcott Park, and Veterans Memorial Park. Popular summer activities include fishing, hiking, and boating, while winter brings opportunities for skiing, snowmobiling, and ice fishing. Annual events hosted in Virginia and around the Minnesota Iron Range, just a short drive away, include the Northern Lights Music Festival, Bands, Brews and BBQ, and the Land of the Loon Festival, which attracts thousands of people each year. Essentia Health-Virginia Care Center, a long-term care facility, also serves the community. Renowned as the Queen City of the North, Virginia has some of the region's best dining and shopping.
Hotel amenities include a complimentary hot breakfast, free Wi-Fi, a heated indoor swimming pool, and friendly staff. Guest rooms feature premium bedding, a flat-screen TV, a microwave, a refrigerator, and a coffee maker. The hotel is pet-friendly, and guests 18 and under stay for free. The hotel is centrally located and offers free parking, enabling patrons to come and go.
Virginia caters to a community-driven and professional atmosphere for business prosperity. The city commits to small business development and revitalization grants. Air travelers arrive at one of the two airports serving the Virginia area, the Eveleth/Virginia Airport, with an impressive facility featuring a large conference room, rental cars, charter aircraft, and more, and the Range Regional Airport, served by Delta Air Lines and Sun Country Airlines. In 55 minutes, travelers can be in Minneapolis, where connections can be made with all major airlines. Virginia is served by US Highways 53 and 169, State Highway 135, and is just 60 miles from Interstate 35. Being bisected by these major highways has made Virginia the eastern Iron Range retail hub.
Property Tours are taking place Wednesday (5/28) - Friday (5/30) by appointment only. Please get in touch with the listing broker to schedule. Brokers: Scott Miller 815. 543.9448 Maxx Rhode 715.222.5989
Participants in the auction may include; lender and borrower. This auction event requires additional approval from the seller, please download and send completed questionnaire located in the data room to the brokers and/or auction contact. Scott.Miller2@cbre.com Maxx.Rohde@cbre.com JKuykendall@Ten-X.com
DATA ROOM Click Here to Access
- Operating and Financials
- PIP
- MN Statute - Steam Conversion
- Purchase Agreement
- Third Party Reports
- Survey
- Title and Insurance
- Bidder Questionnaire
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted Rooms
999
999
999
Average Rooms
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Room Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Room
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
Months to Sale
9.9%
9.9%
9.9%
-
Market Sale Price per Room
Minnesota Area USA
Market Cap Rate
Minnesota Area USA
Market Sale Price per Room by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Cap Rate by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Sale Price per Room Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 1.11 AC |
| Building Size | 77,888 SF |
| No. Rooms | 77 |
| No. Stories | 5 |
| Year Built/Renovated | 1951/2004 |
| Corridor | Interior |
| Opportunity Zone |
Yes |
| Zoning | B-1 - Central Business District |
AMENITIES
- Business Center
- Pool
- High Speed Internet Access
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
- Hot Tub
- Multi-Room Suites
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 5 | $193.00 | - |
| Guest Room | 72 | $162.00 | - |
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $652,900 | |
| Land Assessment | $36,200 | Total Assessment | $689,100 |
SALE ADVISORS
SALE ADVISORS
Scott Miller, First Vice President
(815) 543-9448
Contact
Scott Miller joined CBRE Hotels in 2015 and is the First Vice President of the firm's Milwaukee office. In this role, his focus is on helping clients execute their objectives through strategic dispositions and acquisitions of hotels. Scott is involved in executing all stages of the marketing process and managing the transaction through completion. Since 2019, Scott and his team have closed over 42 transactions for over $311M in sales.
Maxx Rohde, Associate
(414) 274-1682
Contact
His focus is on driving value for Clients’ investments, specifically the disposition and acquisition of hotels. Mr. Rohde is responsible for marketing properties, negotiating contracts, and managing and overseeing transactions for a successful sale.
Prior to joining CBRE Hotels, Maxx Worked as an Associate Appraiser for Diversified Real Estate Services Inc. During this time, Mr. Rohde underwrote loans and credit decisions for banks; determining “as is” & “prospective” market values ranging from $500,000 to $13,000,000. In addition, he produced real estate appraisals for industrial office warehouse, retail multi-family, and multi-tenant office properties.
Prior to joining CBRE Hotels, Maxx Worked as an Associate Appraiser for Diversified Real Estate Services Inc. During this time, Mr. Rohde underwrote loans and credit decisions for banks; determining “as is” & “prospective” market values ranging from $500,000 to $13,000,000. In addition, he produced real estate appraisals for industrial office warehouse, retail multi-family, and multi-tenant office properties.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Jameson Kuykendall
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 40750750
