Comfort Inn Christiansburg

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Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors for sale the Comfort Inn & Suites Christiansburg located at 2331 Tyler Road, Christiansburg, VA, 24073 (hereafter, the “Hotel” or the “Asset”). The subject property is a 72-room, three-story, interior corridor, limited-service asset located on 2.15 acres visible to Interstate 81 (45,968 vehicles per day) and Tyler Road (11,700 vehicles per day). The property, built in 2002, is offered with fee-simple interest, unencumbered by third-party management and unencumbered by debt. The offering presents investors with an opportunity to purchase a recently renovated, upper-midscale asset in a desirable submarket below replacement costs.

The Comfort Inn & Suites Christiansburg is currently operating under a 20-year franchise agreement signed in February 2016, which is valid for current ownership until February 2036. The hotel was extensively renovated in 2016-2017 to satisfy Choice Hotel’s brand guidelines as part of the Truly Yours property improvement plan design scheme. Approximately $600,000 was spent in capital expenditures to renovate the property in 2016-2017, including a full renovation to guest rooms and common areas. Then, ownership upgraded the hotel even further in accordance with Choice Hotel’s Move to Modern prototype in 2021-2022. An additional $315,000 was spent upgrading the hotel in conjunction with the new design scheme. The additional, second round of renovations included upgrading the flooring (carpet and tiles), new signage, artwork, bedding, curtains, PTAC units, lighting, repaving the parking lot and other miscellaneous improvements. Nearly $1,000,000 has been spent at the hotel since 2016 to satisfy the Truly Yours and, subsequently, Move to Modern PIP design schemes. All 72 rooms of the hotel are in rentable condition and the property is expected to trade with minimal PIP. As a result of the renovations, a new prospective purchaser can capitalize on leveraging the superior quality of the guest rooms to increase market share via RevPAR penetration. The offering presents a new owner with the opportunity to enter a renovated product with significant upside through hands-on, aggressive sales and management techniques to bring the property towards competitive set RevPAR levels. As evidenced by the STR report, significant upside remains for a prospective purchaser to increase RevPAR at the hotel. The hotel achieved RevPAR penetration indexes of 90.6% in 2021, 82.1% in 2022, and 80.1% in 2023, respectively. This is versus a competitive set of Quality Inn Radford, Holiday Inn Express Dublin, La Quinta Inn & Suites Radford, and Tru by Hilton Radford. While the hotel achieved Occupancy penetration indexes that were in line with the competitive set over the last three years, upside lies within rate management at the hotel as evidenced by the historical ADR penetration indexes of 93.1%, 81.6%, and 83.4% over the prior three calendar years. A new owner can position the hotel as a leading lodging option in the competitive set as a result of the recent renovations and leverage the superior quality of guest room product in the market to increase ADR, and therefore RevPAR