Holiday Inn Express Asheville - Woodfin 4 Reynolds Mountain Blvd

Property listed by Lawrence Shaw | License: NC 143281
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 ownership, is pleased to present to qualified investors for their acquisition consideration the newly-constructed Holiday Inn Express Asheville-Woodfin at 4 Reynolds Mountain Blvd, Asheville, NC 28804. The subject property recently opened in May/June of 2024. The hotel consists of 56,221-square-feet across 109 guest rooms and sits on a 2.13-acre parcel. The hotel is offered fee-simple and unencumbered of management.
The property is located in an affluent suburb of north Asheville and sits immediately off of Interstate 26 (59,000 vehicles per day) and Highway 19/25-Weaverville Road (12,000 vehicles per day), a 5-mile drive to downtown Asheville and a 15-mile drive to the Asheville regional airport. The property is a four-story, concrete-built, limited-service hotel. The hotel offers an indoor pool, a breakfast dining area, a 580-square-foot meeting space, a business center, a market pantry, and a guest laundry room. The hotel offers 109 parking spaces in accordance with its 109 guest rooms, which are comprised of 65 king rooms and 44 two-queen rooms. The property sits in the CS Community Shopping zoning district. The hotel originally was proposed as a new-construction Wingate Inn by Wyndham, bought was purchased by the current owner mid-construction, who terminated the franchise agreement with Wyndham and opted to convert the hotel’s franchise and finish construction as a Holiday Inn Express by IHG. As part of the transaction, the hotel was recently appraised and underwent an environmental report, which came back with minimal risks, and an appraisal, which estimated the stabilized value of the hotel to be $21,100,000. The transaction consummated in 2023, and a new 20-year agreement was signed with IHG for the Holiday Inn Express franchise, which is valid until 2043. In the recent appraisal, a competitive set was analyzed consisting of the following similar hotels: Fairfield Inn & Suites Asheville Weaverville, TownePlace Suites Asheville Downtown, Days Inn by Wyndham Asheville Downtown North, Hampton Inn by Hilton Asheville-Tunnel Road, Country Inn & Suites Asheville Downtown Tunnel Road, Holiday Inn Express & Suites Asheville Downtown, Fairfield Inn & Suites Asheville Tunnel Road, GLO by Best Western Asheville Tunnel Road, Candlewood Suites Asheville Downtown, and Country Inn & Suites Asheville River Arts District. Occupancy, ADR, and RevPAR for the appraisal’s competitive set is available in the offering memorandum. A more recent STR Report is available from the hotel’s opening month, which shows the trailing-12 data preceding May 2024, May 2023, and May 2022. Amongst the competitive set is the following hotels: Hampton Inn Asheville-Tunnel Rd, Comfort Inn North Asheville, Holiday Inn Express & Suites Asheville Downtown, Country Inn & Suites Asheville River Arts District, and Fairfield Inn & Suites Asheville Weaverville. Data for the competitive set shows RevPAR of $92 in 2024, $99 in 2023, and $104 in 2022 (rounded). It is foreseeable that the subject property should greatly exceed the competitive set RevPAR, given the following: 1) the hotel is the newest-constructed hotel amongst it’s competitive set and therefore will have the most superior quality offering in the market relative to competing hotels, and 2) the hotel is more superior and brand and structure compared to the average competitor in the set, with IHG affiliation being a premium in such a market whereby branding options are limited.