Comfort Inn Atkins-Marion I-81 5558 Lee Hwy

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 the Comfort Inn Atkins, located at 5558 Lee Highway, Atkins, Virginia 24311. The subject property is a 50-room two-story, interior-corridor, limited-service asset near the intersection of Interstate 81 (28,723 Vehicles Per Day) and Lee Highway (2,435 Vehicles Per Day). The property, built in 1995, sits on 1.83 acres of land and offered with fee simple interest, unencumbered by debt, and unencumbered by third-party management. The hotel is conveniently located in Atkins, Virginia, a submarket of Wytheville, Virginia, which is equidistance from Greensboro, NC, Roanoke, VA, Charlotte NC, and the Bristol/Kingsport TN MSA. The hotel benefits from a variety of demand generators including the nearby outdoor recreational offerings at Jefferson National Forest, Mount Rogers National Recreation Area, Hungry Mother State Park, and numerous camping/hiking locations along the Appalachian Trail.
Despite the two-story structure, Choice Hotels has verbally agreed to allow a prospective purchaser to relicense with the Comfort Inn franchise for an additional 10-year term, affording a purchaser the opportunity to continue operating with high ADR under the Comfort Inn franchise while maintaining high operating margins of the compact, efficient building. The Comfort Inn Atkins ranks as the leading property in the STR competitive set comprised of the Red Roof Inn Marion, La Quinta Inn & Suites Wytheville, SureStay PLUS Hotel Wytheville, and Quality Inn & Suites Abingdon. In 2021 the Comfort Inn showed RevPAR of $49.95 compared to the competitive set RevPAR of $36.90; this translated to a RevPAR penetration index of 135.4%. In 2022 the Comfort Inn showed RevPAR of $55.52 compared to the competitive set RevPAR of $40.28; this translated to a RevPAR penetration index of 137.8%. Finally, in 2023, Comfort Inn showed RevPAR of $55.90 compared to the competitive set RevPAR of $37.52; this translated to a RevPAR penetration index of 149%. Since the hotels is the only franchised hotel in Atkins, VA with limited inventory in the market, the new ownership can continue renovating the property to maintain and improve the quality of the property thus continue to increase RevPAR.