Courtyard by Marriott Hampton Coliseum Central

Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view financial history including revenue, NOI, ADR, and Occupancy by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.

Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors for sale the Courtyard by Marriott Hampton Coliseum Central located at 1917 Coliseum Drive, Hampton, VA 23666 (hereafter, the “Hotel” or the “Asset”). The subject property is a 146-room, three-story, interior corridor, select-service asset located on 4.65 acres visible to Interstate 64 (158,577 vehicles per day), at the intersection of Pine Chapel Rd (9,617 vehicles per day) and W Mercury Blvd (61,548 vehicles per day). The hotel features a variety of amenities including an outdoor pool, fitness center, business center, an 817-squarefoot meeting space, and a bar and bistro offering. The property, built in 1987 and renovated in 2020-2022, 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, upscale asset in a desirable submarket below replacement costs.

The Courtyard by Marriott Hampton is currently operating under a franchise agreement which is valid for current ownership until 2035. The hotel was extensively renovated in 2020-2021 to satisfy Marriott’s brand guidelines. Current ownership spent approximately $2,500,000 (+/- $17,000 per key) on capital expenditures between 2020 and 2021 in conjunction with a change-in-ownership Property Improvement Plan provided by Marriott International. 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 52.4% in 2021, 78.8% in 2022, and 84.9% in 2023. This is versus a competitive set of Holiday Inn Express Hampton Coliseum Central, Comfort Inn & Suites Hampton Coliseum Central, SpringHill Suites Hampton, Hilton Garden Inn Hampton Coliseum Central, Hampton by Hilton Inn Hampton-Newport News and Holiday Inn Newport News Hampton.

Hampton, Virginia is located in the heart of the Hampton Roads metropolitan area, and is a city steeped in history and surrounded by a rich tapestry of cultural, economic, and milita ry influences. Of great significance, the hotel is within walking distance to the Hampton Coliseum, the Hampton Virginia Aquaplex, and the Peninsula Town Center. The Hampton Coliseum is a 9,000-person capacity entertainment complex which holds year-round music and entertainment events. The Hampton Virginia Aquaplex opened in October 2022 and saw nearly 200,000 visitors in its first year open of 2023. The Peninsula Town Center is a mixed-use development located in Hampton, Virginia that combines residential, retail, dining, entertainment, and office spaces in a vibrant urban environment. The property is only 11 miles away from the Newport News/Williamsburg International Airport. The property sits in a prime location connected to I-64 as well in close proximity to the Chesapeake Bay and Hampton Roads waterfront attractions