$300,000 with $300,000 Seller Credit to Buyer
Hotel Site with Immediate Land Equity – FREE after County Development Credit
Unique Opportunity to purchase 7 acre parcel in Southwestern Virginia – at No Cost After Seller Credit! The Bland County development team offers this unique deal to a developer to Build a 60 – 80 key Hotel. The site is located off Interstate 77 between Wytheville, VA and Bluefield, VA. A New Love’s Travel Plaza just opened at the exit. After completion, this would be the only hotel on I-77 between Wytheville, VA and Bluefield, WV.
Developer has pick of brands including Fairfield Inn & Suites, Best Western Plus, Country Inn & Suites, Hampton Inn, Comfort Inn, Holiday Inn Express, etc.
The hotel site (Lot #2) totals 7.148 Acres with 2.27 acres buildable area. This lot is offered for sale as part of a 5-parcel development. Lot #3 is slated for a restaurant. If the hotel developer wants to build a restaurant as well, the county would include Lot #3 with the sale of Lot #2.
Demand comes from both transient and leisure travelers. Interstate 77 has about 30,000 vehicles per day and there is a lodging “hole” in this area. Outdoor Recreation leads the leisure segment with a plethora of national forests, hiking trails, and Wolf Creek Indian Village & Museum with over 7000 visitors per year located directly across from the hotel site.
Cost Estimates – Typical cost to build an Upper Midscale Branded Hotel is approximately $90,000/key. The cost to build a 64 key hotel on this lot with ZERO Land Cost, is estimated at $5,760,000.
Projected Property Stats (Based on STR Trend Report): 68% Occupancy, $95 ADR, $65 RevPAR
Projected Annual Room Revenue: $1,500,000.
Net Operating Income for proactive management expected about $679,000.
Cap Rate: 11.8% on Cost to Build to Expected Income