Lender Owned | Former Quality Inn 950 J Clyde Morris Blvd
130 Hotel Rooms Online Auction Sale Newport News, VA 23601
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INVESTMENT HIGHLIGHTS
- Value-add former Quality Inn in Newport News, perfect for investors looking to add a well-located hotel to their portfolio.
- Major nearby demand drivers include Christopher Newport University, Yorktown Naval Weapons Station, and Busch Gardens Williamsburg.
- Location on J Clyde Morris Boulevard is highly visible with prominent signage, seeing over 40,000 vehicles per day.
- Travelers will appreciate the former Quality Inn’s convenient accessibility to I-64, which connects to Norfolk, Virginia Beach, Richmond, and beyond.
- Quick access to nearby points of interest including City Center at Oyster Point, Hampton Coliseum, and Fort Monroe National Monument.
- In a retail-dense area with big names 7-Eleven, Burger King, Starbucks, McDonald’s, Waffle House, Chick-fil-A and countless others nearby.
EXECUTIVE SUMMARY
The former Quality Inn, situated at 950 J Clyde Morris Boulevard, is the perfect investment in Newport News, Virginia. Institutionally owned, this hotel is ready for new ownership to invest in this asset. Ringing in at an impressive 130 total rooms spread across 112,389 square feet this property is immense. The hotel comes equipped with 95 total parking spaces, allowing for plentiful parking for guests as well as employees. The former Quality Inn includes many special features, such as an indoor pool, conferencing facility, and Wi-Fi. Additionally, there is a full-service kitchen with a dining area that can seat up to 144 guests and over 14,000 square feet of meeting space.
Hospitality assets are high-performing in the Newport News/Hampton Hospitality Submarket. Newport News/Hampton comprises 80 hotel properties, which contain around 7,200 rooms. In the past year, two hotels traded in Newport News/Hampton, for a transaction volume of $22.2 million. This compares to the three-year annual sales volume average of $19.3 million.
As a part of the broader Hampton Roads economy, the former Quality Inn benefits from its strategic location. Employment growth in Hampton Roads has outpaced national trends over the past 12 months, at 1.6% compared to 1.4% nationally. This growth has been driven by the industrial employment sector, which has grown at 5.1% over the past year. The continued growth of the Port of Virginia and the region's continued investment in its infrastructure should help bolster the market's importance as a logistics hub and support the continued growth of its industrial sector.
Newport News is the ideal destination for investment in Coastal Virginia. Tourists delight in the proximity just off Interstate 64, which makes it a quick drive to the rest of the peninsula. The hotel benefits from its access to several universities in the area. Christopher Newport University is only 10 minutes away, Hampton University is 15 minutes from the asset, and Old Dominion University is under 40 minutes. Other drawing points to the area include the City Center at Oyster Point, Hampton Coliseum, Busch Gardens Williamsburg, Colonial Williamsburg, and Fort Monroe National Monument.
Discover the former Quality Inn, the ultimate venture on Virginia’s coastal peninsula.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Hospitality assets are high-performing in the Newport News/Hampton Hospitality Submarket. Newport News/Hampton comprises 80 hotel properties, which contain around 7,200 rooms. In the past year, two hotels traded in Newport News/Hampton, for a transaction volume of $22.2 million. This compares to the three-year annual sales volume average of $19.3 million.
As a part of the broader Hampton Roads economy, the former Quality Inn benefits from its strategic location. Employment growth in Hampton Roads has outpaced national trends over the past 12 months, at 1.6% compared to 1.4% nationally. This growth has been driven by the industrial employment sector, which has grown at 5.1% over the past year. The continued growth of the Port of Virginia and the region's continued investment in its infrastructure should help bolster the market's importance as a logistics hub and support the continued growth of its industrial sector.
Newport News is the ideal destination for investment in Coastal Virginia. Tourists delight in the proximity just off Interstate 64, which makes it a quick drive to the rest of the peninsula. The hotel benefits from its access to several universities in the area. Christopher Newport University is only 10 minutes away, Hampton University is 15 minutes from the asset, and Old Dominion University is under 40 minutes. Other drawing points to the area include the City Center at Oyster Point, Hampton Coliseum, Busch Gardens Williamsburg, Colonial Williamsburg, and Fort Monroe National Monument.
Discover the former Quality Inn, the ultimate venture on Virginia’s coastal peninsula.
Property tours are available by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Market Information
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
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
Norfolk/Virginia Beach - VA USA
Market Cap Rate
Norfolk/Virginia Beach - VA 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 | 4.45 AC |
| Construction Status | Under Renovation |
| Building Size | 112,389 SF |
| No. Rooms | 130 |
| No. Stories | 4 |
| Year Built/Renovated | 1969/2026 |
| Parking Ratio | 0.85/1,000 SF |
| Corridor | Exterior |
AMENITIES
- Pool
- High Speed Internet Access
- Meeting Event Space
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 116 | $114.00 | - |
| Guest Room | 14 | $94.00 | - |
ABOUT NEWPORT NEWS/HAMPTON VA
Newport News, the sixth largest city in Virginia, is strategically located between Richmond and Norfolk. Access to the area is easy via Interstate 64, which is the major east-west corridor across southern Virginia. Major employers that drive weekday transient demand include U.S. Department of Defense, Newport News Shipbuilding, and NASA the Langley Research Center.
Nearby leisure attractions include several historic sites: Colonial Williamsburg, the Jamestown Settlement, as well as Yorktown Battlefield. Virginia Beach, which is 45 minutes away, and Busch Gardens Williamsburg theme park, 20 minutes away, attract visitors throughout the spring and summer months, many of whom seek cheaper lodging alternatives in Newport News.
Newport News is served by one local and two regional airports. Newport News-Williamsburg International Airport is one mile from I-64 and no more than 15 minutes from any point in the city. Norfolk International Airport is 45 minutes away from most Newport News locations. Richmond International Airport, near I-64 south of Richmond, can be reached within an hour.
PROPERTY TAXES
| Parcel Number | 175.00-02-23 | Improvements Assessment | $2,260,500 |
| Land Assessment | $2,058,800 | Total Assessment | $4,319,300 |
ZONING
| Zoning Code | C1 (Commercial) |
SALE ADVISORS
SALE ADVISORS
Jack Davis, Senior Vice President of Investments
(843) 952-2253
Contact
Mr. Davis joined Marcus & Millichap in 2015. He is a member of the National Hospitality Group and has experience in operations and hospitality sales. Mr. Davis comes from a family that has been in real estate, development, and banking for over 25 years. He also works daily with MMCC, Marcus & Millichap's subsidiary capital corporation, helping clients get competitive lending terms. A graduate of North Carolina State University with a B.S. in Marketing, his background is in management and operations at Marque Carolina Hotels, i.e. Planters Inn, Relais and Chatuex. He is based out of the Charleston office and in his free time he enjoys basketball, fishing, the outdoors, as well as spending time with his friends and family.
Chase Dewese, First Vice President Investments
(304) 228-1900
Contact
Chase Dewese joined Marcus & Millichap in 2016 and is currently a Senior Associate with Marcus & Millichap’s National Hospitality Group.
Mr. Dewese has been involved in over 30 hospitality closings compromising a transaction volume of over $90 million. Located in Charlotte, NC, Mr Dewese’s expertise allows him to be most effective geographically in the Mid-Atlantic and Southeast. Mr. Dewese has extensive underwriting experience and has performed hundreds of valuations for various ownership groups including REITs.
He also works with MMCC, Marcus & Millichap’s subsidiary capital corporation, helping clients acquire competitive lending terms. A graduate and division I soccer player from West Virginia University with a B.S. in Finance. He also has a J.D. from Charlotte School of Law.
Mr. Dewese has been involved in over 30 hospitality closings compromising a transaction volume of over $90 million. Located in Charlotte, NC, Mr Dewese’s expertise allows him to be most effective geographically in the Mid-Atlantic and Southeast. Mr. Dewese has extensive underwriting experience and has performed hundreds of valuations for various ownership groups including REITs.
He also works with MMCC, Marcus & Millichap’s subsidiary capital corporation, helping clients acquire competitive lending terms. A graduate and division I soccer player from West Virginia University with a B.S. in Finance. He also has a J.D. from Charlotte School of Law.
Landon Patrick, Associate
(804) 802-6924
Contact
Mr. Patrick joined Marcus & Millichap in 2023. He is a member of the National Hospitality Group and has experience in multiple hotel operations and group sales roles. Mr. Patrick comes from a family that has been in hospitality and hospitality development for over 30 years. He also works with MMCC, Marcus & Millichap's subsidiary capital corporation, helping clients acquire competitive lending terms.
A Virginia local, His lifelong passion for hospitality has led him to making the move to hospitality investment sales. His background is in operations and group sales at the Cavalier Resort Virginia Beach Oceanfront which consists of The Historic Cavalier Hotel, The Marriott Virginia Beach Oceanfront, and the Embassy Suites By Hilton Virginia Beach Oceanfront. He is based out of the Hampton Roads office and in his free time he enjoys tennis, golf, and quality time with friends family and the amazing community around him.
A Virginia local, His lifelong passion for hospitality has led him to making the move to hospitality investment sales. His background is in operations and group sales at the Cavalier Resort Virginia Beach Oceanfront which consists of The Historic Cavalier Hotel, The Marriott Virginia Beach Oceanfront, and the Embassy Suites By Hilton Virginia Beach Oceanfront. He is based out of the Hampton Roads office and in his free time he enjoys tennis, golf, and quality time with friends family and the amazing community around him.
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
Kevin Loudy
Contact
Auctioneer License:
Ten-X Jessica Anne Figueroa RE Brkr 0226033409
