Ready-to-Flag Extended Stay Hotel - Athens, TN
About This Property
- 105 Room, Exterior Corridor Hotel
- Seller Highly Motivated to Sell Prior to Opening - All Offers Encouraged for Buyers with at Least 20% Down
- Completely Renovated: New Electrical, Plumbing, Mechanical, Fire Alarm, Sprinkler, Drywall, Flooring, Paint, FF&E, and More. Certificate of Occupancy Date: November 2024
- Total Cost of CapEx Completed by the Seller: $4,465,000
- Full Kitchenettes in Each Room Including Stove Top, Refrigerator, Sink, and Microwave
- Conversion Opportunity: Several Flags Available with Key Money Incentives including Suburban Studios (Choice), Select Suites (ESA), Red Roof Inn / HomeTowne Studios, and Others
- Pro Forma Revenues of $1,607,331 in Year 1 and Net Income of $557,229
- Excellent Location Directly on Interstate 75 Midway between Chattanooga and Knoxville
- Well Positioned as the Only Extended Stay Hotel within 25 Miles
This is a 105 unit, 2 story, exterior corridor hotel located in Southeast TN midway between Chattanooga and Knoxville directly on Interstate 75.
The hotel is poised for a strong position in the market as the only extended stay hotel for 25 miles. Pro forma revenues project to be $1,607,331 in Year 1, $1,705,217 in Year 2 and $1,826,629 by Year 3.
Complete renovations are ongoing and include all new electrical, plumbing, mechanical, fire alarm, sprinkler, drywall, flooring, paint, FF&E, public areas and much more, set to be completed by late August 2024. The hotel is fully turn-key with a tentative certificate of occupancy date of August/September 2024. The hotel features full kitchenettes in each room including a stove top, refrigerator, sink, and microwave.
It is unencumbered of brand, debt, and management with a variety of alternative brand options available for conversion including Suburban Studios (Choice), Select Suites (ESA), and others with Key Money Incentives for such a franchise license commitment.
This agreement (“Agreement”) is between Amber Hotel Company (“Amber”) and the undersigned party (“Buyer”) who is interested in buying investment real estate.
The investment real estate is exclusively listed for sale with Amber. Amber shall provide Buyer with related confidential information, subject to the terms and conditions of this Agreement.
By checking the below box and viewing this property, you agree that:
- The related confidential information is provided for the sole purpose of having a Buyer evaluate the purchase of the property for itself or its affiliates. Buyer and its affiliates shall keep the related information confidential, and not reproduce, distribute or disclose such information to third parties, except to the extent third party consultants, lenders, or other agents of Buyer are required, in which case such third parties will be held to the same confidentiality standards as Buyer. Amber shall not be responsible for the accuracy or completeness of the information provided, or for any loss or expense, whether direct or indirect, arising from Buyer’s or Buyer’s affiliate’s use and reliance on the information.
- The undersigned principal or any company or entity in which the undersigned principal has controlling interest, including real estate brokerage companies, shall not be paid any form of commission or fee by the owner of the property for the purchase of the property.
- All offers and purchase agreements for the property from Buyer or its affiliates shall be submitted through Amber. Buyer shall not contact the owner of the property directly or act either directly, indirectly, through any third parties including affiliates, clients or other brokers to circumvent the purpose of this Agreement. Amber may solicit, represent and accept offers for the property from other potential buyers without obligation to this Buyer. Buyer acknowledges that real estate brokers are not qualified as experts for legal, financial, accounting, environmental, construction, soils, geological or engineering advice.
This property information, market information, and other information on this page as well as any related documents have been provided by the seller or other outside sources. Interested parties are highly encouraged to verify the information independently. Amber has not independently verified any information.