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Quality Suites & Sleep Inn
Price:
$15,800,000
Address :
1521 Premium Outlets Boulevard
Lake Wright/Norfolk Int. Airport, VA 23502
Irreplaceable location on I-64 close to Norfolk International Airport
Next to Tidewater's newest and largest shopping complex, Norfolk Premium Outlets, plus multiple food and beverage options
Well-located to diverse demand generators
More than $2.3 million in capital expenses over last 6 years
Offered at discount to replacement cost
Location/Market
Physical Plant
Financials
Norfolk is part of Hampton Roads, the 7th largest MSA in the Southeast, home to over 1.8 million.
Quality Suites & Sleep Inn sit at the intersection of Interstate 64 & US 13 in the heart of Norfolk’s commercial corridor
Within walking distance of several restaurants Only minutes from Norfolk International Airport
Close to Regional Demand Generators:
Virginia Wesleyan University
Norfolk Botanical Gardens, Home to the Azalea Festival
Airport Industrial Park & Norfolk Industrial Park
Regent University & CBN
Old Dominion University
Little Creek Naval Base
Naval Amphibious Base
234 Guest Rooms
1, 3, and 5 Stories, Interior Corridor
Concrete Construction
Brick Façade
Flat Roof
Asphalt Parking Lot
Wireless Internet
Breakfast Area (Seats 82)
Meeting Space (330 Person Capacity)
Glass-Enclosed Pool
Guest Laundry
3 Elevators
Built in 2001
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Financials
2020
2021
2022
T-12Mos 1/23
Qui=ality Suites Occupancy
43.29%
45.95%
55.02%
55.72%
Average Daily Rate
$76.80
$95.54
$93.72
$66.53
Room Revenue
$1,545,448
$2,035,008
$2,390,348
$2,411,361
Combined NOI
$511,396
$1,078,732
$1,522,524
N/A
This is a confidential offering intended for the recipient's use in determining the advisability of negotiating for purchase. Do NOT Contact the Property Directly! All Showings by Appointment Only!
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