PRICE REDUCTION!
NOW LISTED AT 3.3X 2024 REVENUE AND 3.14X TRAILING-12 REVENUE
YTD JULY 10 REVENUE +14% TO PREVIOUS YEAR!
Marcus & Millichap's National Hospitality Group, as exclusive representative of the seller, is pleased to present for sale to qualified investors, the Comfort Inn Grantsville - Deep Creek Lake, located in Grantsville, MD. Comfort Inn Grantsville will trade below replacement cost and with minimal anticipated change-of-ownership PIP.
Situated on a 3.99 acre lot and built in 1979, this 91-room, four-story interior-corridor property sits at the intersection of Interstate 68 (exit 22) and U.S. Route 219, a major artery connecting to Pennsylvania to the north and West Virginia to the south. Subject property has excellent visibility from I-68 (1/10th mile) and sees I-68/Exit 22 traffic volume of approximately 17,500 vehicles daily. Due to its interstate visibility and ease of access, Comfort Inn Grantsville is perfectly situated to capture both corporate business and transient travelers. Property has several annual high-demand periods, including capturing overflow West Virginia University (50 miles) business during football season and graduation/commencement events and Frostburg State University (11 miles) athletics.
With property-wide renovations completed in 2023, subject property promptly began its market repositioning, leading to outstanding 2024 results. Leveraging the renovated product and strength of the Comfort brand, and with all guestrooms finally back in inventory following renovation completion, 2024 occupancy increased by 11%, occupancy penetration versus competitive set increased by 14%, Revpar was up 18% and Revpar penetration outpaced the competitive set by 14%. Even with these outstanding gains, significant upside remains. Current ownership is not solely focused on operating this asset, as their time and focus is divided between multiple owned hotels. Hands-on ownership should be able to continue 2024's trending and greatly improve upon ADR and Occupancy performance. Year end 2024 finished at only 93% ADR penetration and 81% Occupancy penetration versus the competitive set. With the nearest branded property approximately 14 miles away and now positioned at the high end of their competitive set, the Comfort Inn Grantsville should be able to drive occupancy penetration above 90% and meet/exceed 100% adr penetration. Early evidence of this upside potential can be seen in YTD April results, with revenue exceeding previous year by 29%.
The hotel also includes space currently vacant, once operated as a full service kitchen. With a full commercial kitchen currently in place, new ownership can create an additional revenue stream by either reopening this space as a restaurant or lease out the space to an outside vendor.
David Wiener
Marcus & Millichap