Main Photo: The Quality Inn Collinsville
Date: April 2019
Location: Collinsville, Virginia, USA
Name: Quality Inn Collinsville, being sold by auction May 2019
No. of Keys: 146
Seller: The Harwani familly (TBC)
Buyer: The winner of the auction…
RealINSIGHT Marketplace and Berkadia, part of Berkshire Hathaway, are to present the Quality Inn Collinsville, a 146-room, limited-service hotel located in Collinsville, VA for acquisition by auction, which will take place on the online commercial real estate sales platform, RealINSIGHT Marketplace, May 6th – May 8th.
At the current time, Real Insight have two other Quality Inns, a HI Express, a Marriott, a DoubleTree and a Hampton Inn for sale by auction with starting bids of US$1m to $1.5m. In July 2018 the Renaissance Philly, 349 keys, went for US$28.5m
Berkadia sold the Residence Inn by Marriott in Cape Canaveral, FL by conventional means this week
This offering provides investors with the opportunity to acquire fee-simple interest in a strategically located Quality Inn hotel. Situated just off Highway 220, which connects to Roanoke to the north and Greensboro, NC to the south, provides guests with convenient local, regional, and national connectivity.
In August 2018, several rooms were taken out of service as part of the Hotel and are currently being rented out monthly as dorms for Patrick Henry Community College students. These rooms do not require housekeeping services, creating an increase in revenue that goes straight to the bottom line.
The Hotel is being offered unencumbered by management.
RealINSIGHT Marketplace is the pre-eminent platform for CRE transactions, bringing buyers, sellers, and brokers together to list, market, and close deals.
The sales platform is managed by a dedicated team of commercial real estate experts with over $11B in online real estate sales. RealINSIGHT Marketplace has completed over 1.65 B transacted since its inception in early 2017.
THPT Comment: Hotel selling by auction is obviously a recent phenomena across the pond, but not one we know off in Europe and elsewhere globally, certainly for this size of property…Will be interesting to see how this one goes and whether it will catch on elsewhere.
First Seen: Hotel Online
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.