Description
Extended Stay Hotel Conversion Opportunity
COMING SOON! PORTFOLIO OF TWO HOTELS FOR SALE (BUY 1 OR 2)
1. 32-Room Proposed HomeTowne Studios Extended Stay ( 2 Bedroom Owner’s Apartment Included)
1430 Main St, Marion, VA 24354
ASKING PRICE $599,000
2. 48-Room Red Roof Inn Hotel with Restaurant and Pool
1424 N Main St, Marion, VA 24354
ASKING PRICE $1,999,999
~SBA AND USDA LOAN AVAILABLE~
45 miles to Bristol, VA; 65 miles to Kingsport, TN; 100 miles to Roanoke, VA; 140 miles to Greensboro, NC; 150 miles to Charleston, WV; 155 miles to Knoxville, TN; 160 miles to Charlotte, NC; 190 miles to Durham, NC; 215 miles to Raleigh, NC.
Smyth County is within 45-min drive of the Tri-Cities MSA of Bristol, Kingsport and Johnson City.
હોટલ લોન માટે 919.428.9840 પર ફોન કરો અથવા https://www.dialmforhotels.com/hotel-loans લિંક ક્લિક કરો.
~Listing Description Below is for the 32-Room Vacant Hotel Only~
ADAPTIVE REUSE AND APARTMENT CONVERSIONS ARE BOOMING
~Potential To Convert the 32-Room Vacant Hotel Building Into Apartments For Affordable Housing
Adaptive reuse and apartment conversions are booming nationwide. Marion is a potentially hot market for multifamily apartment development for affordable housing. The average median income is significantly lower than national averages, indicating a need for affordable housing. This housing shortage is due to a number of challenges – including Emory & Henry College’s expansion, lack of new construction, substandard housing, and a general high demand for housing despite the relatively low housing inventory. The current housing market is extremely tight, with houses selling over market price despite needing to be renovated. In virtually every strata of housing – from Section 8 housing to $750,000 or more homes – there is a need/shortage. The Town of Marion has received almost $3 million in grant funding that will allow Marion’s First Housing Development since the 60’s, alluding to the extreme shortage in housing. In April 2023, Smyth County Board of Supervisors approved a recommendation from the American Rescue Plan Act (ARPA) committee to provide $3,000,000 in funding to spur housing development in Smyth County.
*Prospective Buyers to Confirm Multifamily Conversion Feasibility and Requirements, and Tax Incentives or Grants Available for Developers or Businesses that Redevelop or Start a Business, with the Town of Marion and Smyth County. Contact Marion Redevelopment and Housing Authority (MRHA) to learn about Public Housing and Housing Choice Voucher Programs.
EXTENDED STAY HOTELS WITH KITCHENETTES – DUAL BENEFIT OF BOTH HOTEL AND MULTIFAMILY ASSET TYPES
~Convert the 32-Room Vacant Hotel Building Into HomeTowne Studios Extended Stay Hotel By Red Roof (Estimated Cost: $139,500 only, according to the Red Roof Franchise Director who has visited this property).
BUDGET: This $139,500 Budget includes Lobby Build-out/Exterior Paint/Parking area/Signage, Case goods package, LVT vinyl flooring, Appliance package, Vanity/sink/bathroom, and Soft goods.
DEVELOPMENT, CONSTRUCTION AND RENOVATION
From day one, Red Roof Hotels Design and Construction professionals are available to provide consultation on HomeTowne Studios Extended Stay Hotel’s design, budget, construction and vendors, and help develop building plans and a Property Improvement Plan (PIP) for a successful conversion. Prospective Buyer to order their own PIP, but a Broker PIP is available for basic guidance.
FIRST TIME EXTENDED STAY HOTEL DEVELOPERS
Priced to sell at $599,000, significantly lower than replacement costs, the hotel, originally built as a Holiday Inn with spacious 32 guest rooms, is an ideal investment opportunity for first time hotel redevelopers with low up-front costs.
RENTAL PROPERTY INVESTORS
Priced at only $599,000, more like a “single family house,” this is an ideal property to transition from residential rental real estate investment to commercial rental real estate after converting the hotel building to multifamily building, and offers future upside opportunities through unit enhancement and lease up.
IMPROVING PROPERTY VALUES WITH BRANDING AND CONVERSIONS
Branding your property adds value and you can make relatively more gains in lesser time by improving your property. Example below.
BEFORE (ABOVE LEFT): Visit https://www.dialmforhotels.com/property/proposed-red-roof-hotel-near-raleigh-nc-for-sale/ for additional photos. Independent Hotel Sold for $1.5 Million in 2021.
AFTER (ABOVE RIGHT): Visit https://www.redroof.com/property/nc/battleboro/RRI1316? for additional photos. Upscale economy brand addition adding value to the property’s estimated sales price.
IMAGINE YOUR OWN HOMETOWNE STUDIOS EXTENDED STAY HOTEL WITH THE ESSENTIALS OF HOME (PHOTOS BY: RED ROOF)
If you are unfamiliar with what a HomeTowne Studios Extended Stay Hotel looks like, see brochure pictures below.
The new HomeTowne Studios (HTS) Extended Stay Hotel by Red Roof’s new prototype is all about function, style and defining the segment, and shaped by input from hotel owners and longtime franchisees and guests. It features modern room design aesthetics, a cost-effective development footprint and a layout that sets new standards for improved operational efficiency. HomeTowne Studios rooms typically feature kitchenettes with full size refrigerator, stove, microwave, and the option to
LOBBY
DOUBLE QUEEN STUDIO
Photo Above: LVT Flooring and Blinds Throughout Reduce Room Odor
Photo Above: Open Shelving to Reduce FF&E Cost While Providing Maximum Storage
SINGLE QUEEN STUDIO
Photo Above: Raised Bedframes to Allow Underbed Storage. Wall Mounted Nightstands to Simplify Cleaning. 
Photo Above: Activity Table & Chairs Allow for Versatile Use for Dining or Extra Seating
AMENITIES
Photo Above (Left): New Efficient Kitchenette With Open Shelving, Full Size Refrigerator and Functional Storage.
Photo Above (Right): Hexagon Shelves For Extra Storage
HOMETOWNE STUDIOS EXTERIOR
Extended Stay Hotel Conversion Opportunity
WHY HOMETOWNE STUDIOS BY RED ROOF
STR metrics show that HomeTowne Studios by Red Roof outperformed the economy lodging segment by 29.7 percent (April-June 2020) and 15.8 percent (July-September 2020).
Lodging Econometrics data shows that extended stay properties make up more than a quarter of all hotel development projects in the U.S. pipeline to meet the growing demand for the segment.
Highland Group data shows that the economy-focused sector of extended stay hotels suffered less revenue loss than any other segment of the lodging industry in 2020. During the initial months of the pandemic, when most communities were locked down, HomeTowne Studios achieved more than 80 percent occupancy across its hotels.
Demand for Extended Stay Hotels remains extremely resilient to economic conditions.
HomeTowne Studios typically have lower operating costs compared with extended stay competitors in the economy segment.
HomeTowne Studios typically have lower payroll expenses as they do not offer complimentary breakfast, and housekeeping visits weekly rather than daily. This also helps to keep the price competitive for value-conscious travelers and helps to increases occupancy.
HomeTowne Studios offers the basic essentials of home for a comfortable, clean and convenient extended hotel stay to travelers at an affordable price, whether they are traveling for business, to visit loved ones, relocating, or for leisure.
- Affordable monthly rates
- Move-in ready studios: no utility bills and no hefty rental or security down payments
- Spacious, fully furnished rooms
- Comfortable Serta mattress and bedding
- Large flat-screen HD TVs with 50+ channels and auxiliary inputs
- Alarm clock with USB charging ports
- Free local and long distance telephone calls
- Free Wi-Fi
- Hotel locations near grocery stores, gas stations and shopping centers
- On-site guest laundry facilities
- Complimentary morning coffee
- Weekly housekeeping services are included, and additional housekeeping services can be scheduled for a nominal fee.
- Some hotels feature extra amenities like a swimming pool, fitness center or meeting rooms.
- For extra convenience, guests may purchase a coffee pot and our Dish Kit with plates, bowls, glasses, mugs and silverware settings for 2, plus a frying pan, sauce pan, spatula, large spoon and can opener.
- Full-sized refrigerator, Microwave, Cooktop, Sink & cabinets, Drying rack, Table with chairs
WHY RED ROOF
Red Roof ranked #1 in online reviews for ten years in a row (Medallia 2019). Intent to return scores for NextGen® properties was 72.9%, up 15.4% (Market Metrix). NextGen® design elements are included in property improvement plans for all hotels.
BENEFIT FROM RED ROOF PERKS: Help with design, construction, revenue management, and staff training. Access to Red Roof’s distribution channels, preferential pricing with OTAs, a national business-to-business sales force, and RediBill®, a centralized Direct Billing option that meets consumer demands and improves cash flow for properties. Award-winning marketing department, a dedicated website with fastest in-class mobile first technology, and much more.
RED ROOF HOTELS FRANCHISING: Position your property for growth and success with Red Roof Inn. For nearly half a century, Red Roof has exemplified the value of a good value while proving economy and quality can exist on the same piece of real estate. With almost 500 properties across the United States, Red Roof Inn offers travelers simplicity and economy – but never compromises quality.
BUILD ON A STRONG FOUNDATION OF SUCCESS: Need a brand perfectly positioned to reach budget-conscious consumers seeking smart amenities and affordable rates? Red Roof focus on just the right details keeps guests coming back—and franchisees successful. Whether you’re looking to convert your property or build a new hotel, Red Roof brands offer some of the lowest fees in the industry, and Red Roof Inn and Red Roof PLUS+ properties consistently outperform in the economy market. Red Roof brand brand management team is known for superior performance when it comes to supporting franchisees. Their genuine relationships, real results, philosophy, the core of their success, builds strong, supportive, collaborative relationships with each and every franchisee.
Extended Stay Hotel Conversion Opportunity
1430 Main St, Marion, VA 24354 – Existing Building Photos and Investment Highlights Coming Soon! Please visit again later for updated listing.
*The above map shows two properties. This listing is only for one property.
RESTAURANTS NEARBY
Mi Puerto (0.23 miles), Sonic Drive In (0.38 miles), McDonalds (0.47 miles), Subway (0.48 miles), Arbys (0.7 miles), Pizza Perfect on Main (0.96 miles), Macado’s (1.62 miles) and more.
DEMAND GENERATORS NEARBY
Historic Downtown Marion (1 mile); Smyth County Community Hospital (1 mile); Lincoln Theatre (1.8 miles); Hungry Mother State Park – beautiful woodlands, a sandy beach and 108-acre lake that’s perfect for some kayaking, zip-line tour, rock climbing, tubing and much more (3 miles); Hungry Mother Adventures – high flying adventure; Holston Hills Community Golf Course (4 miles); Mount Rogers National Recreation Area – camp, sight-see, fish, hike, swim and ride horses (9 miles); Settlers Museum of Southwest Virginia (9 miles); Park Place Drive In with an ice cream shop and mini golf (2.5 miles); Grayson Highlands State Park – hiking or horseback riding. *Distances are approximate.
HIT THE GREEN! GOLF IN MARION, VA!
Holston Hills Community Golf Course is a 300-acre site along the Holston River that also features a tennis facility and swimming pool. Just 4 miles away from the Red Roof Hotel. Holston Hills Golf Course is an 18 hole championship course built in 1946. The layout features a variety of holes that offer scenic views that will test all of your golfing skills. The Holston River meanders throughout the course and comes into play on several holes. VIEW COURSE TOUR
MARION VIRGINIA
Considered the county seat of Symth County, the Town of Marion is located on the middle fork of the Holson River on historic Route 11.
Video Credit: Southwest Virginia
- Marion is a town in and the county seat of Smyth County, Virginia, United States.
- Conveniently positioned upon Interstate 81, Marion is easily accessible. Located in the Blue Ridge portion of the Southern Appalachian mountains in Southwest Virginia, the general Marion area is well known for its scenic beauty. The town is named for American Revolutionary War officer Francis Marion. The town limits had a population of approximately 6,000, per 2020 Census estimates. However, an additional 9,000 residents in unincorporated Smyth County have Marion mailing addresses, giving the Marion, VA ZIP code (24354) a population of over 15,000, which is about half of the county’s total population.
- Marion is one of a few towns to be designated as an official Virginia Main Street Community and National Main Street Community. The Lincoln Theatre, a meticulously renovated Art-Deco Mayan Revival-style performing arts center in Marion, is the home of the nationally syndicated bluegrass music program Song of the Mountains. The General Francis Marion Hotel has been completely restored. It is a boutique hotel that has received an AAA Three-Diamond ranking. The town hosts a monthly ArtWalk with local artists and musicians, held on the second Friday of each month in May through December.
- Marion is known for being the birthplace of the soft drink Mountain Dew, but the original drink was created in Knoxville, Tennessee. Although Mountain Dew was first marketed under that name in Knoxville, the original soft drink’s formula changed drastically from Knoxville’s formula to the syrup mixture that constitutes today’s drink. In 1961, the rights to Mountain Dew were purchased by the Marion-based Tip Corporation. The Mountain Dew flavor was reworked by Marion resident William H. “Bill” Jones. Due to the success of the revised formulation, the Pepsi Corporation purchased the Tip Corporation in 1964. Marion also hosted the Mountain Dew Festival for more than 50 years.
- Marion, Virginia is notorious for being the location of two large side-by-side ground storage water tower tanks, which are separately labeled “HOT” (in red letters) and “COLD” (in blue). The landmarks, positioned just off of Marion exit 47, are visible to both north and south bound Interstate 81 traffic lanes.
- Marion is home to world renowned Hungry Mother State Park.
- Marion holds the state record low for the month of May at 15 degrees and the second lowest recorded April temperature in the state at 10.
- Marion is also located approximately halfway between Nashville and Washington, DC
- Back of the Dragon, which has quickly grown into one of the premier riding roads for motorcycles and sports cars in the nation, begins in Marion, Virginia, ending at the town of Tazewell, VA. The 32 mile route, which crosses 3 mountains, boasts approximately 435 curves, over 3,500 feet in elevation, and remarkably picturesque scenery.
- R. T. Greer and Company, Henderson Building, Hotel Lincoln, Hungry Mother State Park Historic District, Lincoln Theatre, Marion Historic District, Marion Male Academy, Norfolk & Western Railway Depot, Preston House, and the Abijah Thomas House are listed on the National Register of Historic Places.
SMYTH COUNTY
Smyth County was formed on February 23, 1832, from Washington and Wythe counties. Smyth County is located in the lower portion of the Great Valley of Western Virginia. Interstate 81 runs through the county’s central valley, and intersects with Interstate 77 approximately 25 miles northeast of the Town of Marion. Three towns are located in Smyth County: Marion (the county seat), Chilhowie, and Saltville. The county has three major valleys carved by the three forks of the Holston River, and a large portion of the county is located within the boundaries of a popular tourist destination, Mount Rogers National Recreation Area. Every year, thousands of visitors and county residents alike enjoy various attractions like the famous Blue Ridge Mountains, Hungry Mother State Park, Mount Rogers National Recreation Area.
Nestled in the heart of Southwest Virginia, along the I-81 corridor, Smyth County is located in scenic Southwestern Virginia in the foothills of the Appalachian Mountains and covers 452 square miles. Centrally located on the East Coast, this rural community is within a days drive of 2/3 of the U.S. population and a quick 45-minute drive of the Tri-Cities Metropolitan Area of Bristol, Kingsport and Johnson City, Tennessee with almost 500,000 persons. Because of its geographic location in the Appalachian Ridge and Valley Region, the county experiences four distinct and spectacularly beautiful seasons with moderate temperatures prevailing. Interstate 81, which bisects the county, provides easy access to I-77, I-26, and I-64.
Smyth County is proud to boast a low cost of doing business. Businesses who call this area home draw their employees from a skilled, hard-working labor pool while simultaneously benefiting from low worker’s compensation outlays, unemployment tax burdens, utility costs, and building costs that are substantially lower than state and national averages.
AREA RECREATION
Southwest Virginia experiences moderate climates making recreation possible year-round. Just a few miles away, Damascus, Virginia– more commonly known as “Trail Town USA” provides some of the best hikes in the east, accessing the Appalachian Trail and the neighboring Jefferson and Cherokee National Forests. Combined you have access to more than 250,000 acres of unspoiled woodlands and endless outdoor activities. The 35 mile Virginia Creeper Trail runs from Whitetop Mountain to Abingdon, Virginia on a Rails to Trails sponsored cyclist dream. Beech Mountain, Sugar Mountain and Winterplace resorts are just a short drive away. Gentle flowing rivers such as the Holston, Clinch and Watauga offer at water kayaking opportunities and the nearby Nolichucky river is said to be one of the most technical big water runs in the south, and one of the top 10 whitewater experiences in the country. World class fly fishing, the Spearhead trail systems for off-road vehicles, boating and water sports at 4 nearby TVA recreational lakes are an outdoor paradise for every kind of adventure seeker.
MARION VIRGINIA ECONOMIC DEVELOPMENT
$3.4 million proposed outdoor recreation park in Marion got a major push forward thanks to the infusion of a $1.7 million federal grant. The money will be used to develop Callan Drive Recreational Park, a nature-based recreational green space and outdoor recreation in the center of town, providing an asset sorely needed by the town of Marion. The park will feature two softball fields, three soccer fields, a playground with picnic tables and benches, and more than 3,100 linear feet of five-foot wide walking trails. Plans call for an amphitheater to be developed in the former rock quarry, forming a natural outdoor theater.
Listing By: Bang Realty, Inc and M Hotels, LLC
Call Madhur Gupta at (919) 428 9840 for Hotels for Sale and Hotel Loans.
*CONFIDENTIAL SALE. Do not call or visit the property without an appointment. All appointments, questions, offers and offer negotiations to go through broker.
Information in this listing has been provided by reliable third parties, but is not guaranteed and is subject to change without notice. Buyers must independently verify this information for accuracy or completeness.
CONTACT: For access to more listed and off-market hotels for sale, exclusive listings, confidential hotel sales, and hotel loans, call Madhur Gupta at (919) 428-9840.
