For Sale 300,000 with $300,000 Seller Credit to Buyer - Hotel
Now with More Incentives!
Unique Opportunity to purchase a 7 Acre Lot in southwestern Virginia at No Cost After County Development Credit. This lot is part of a 5 Parcel Development Project. The Bland County development team offers this unique deal for a developer to build a 60 – 80 key Upper Midscale Hotel at growing Interstate 77 Exit 58. This location is a halfway stop to popular destinations of travelers along I-77. A Love’s Travel Plaza and an Arby’s recently opened at the exit and the site is across from a museum. 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 8,000 visitors per year located directly across from the hotel site. A nearby Golf Course and Club is currently expanding, and offers excellent wedding venues.
Projected Property Stats Based on 2024 Opening and STR Trend Report: 65% Occupancy, $150 ADR, $97.50 RevPAR. Cap Rate: 10.1% on Cost to Build to Expected Income.
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