Super 8 Prestonsburg 80 Shoppers Path

Property Listed by Joseph Wiles License Number: SAL.2019005224.
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Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors the Super 8, Prestonsburg, located at 80 Shoppers Path, Prestonsburg, KY, 41653. The subject property is an 80-key, three-story, interior corridor property built in 1991 and sits on a 0.99-acre parcel. The asset is a limited-service hotel located off Route 23 (20,783 Vehicles Per Day). The property is positioned 115 Miles from Lexington, KY,137 Miles from Bristol, TN, and 75 Miles from Huntington, WV. The property is offered with fee simple interest, unencumbered by debt and unencumbered by third-party management .
The hotel consists of 80 rooms and benefits from a variety of demand generators. Prestonsburg is a popular destination for tourists, most of them being interested in outdoor activities, history, and culture. The nearby outdoor recreational offering includes the Jenny Wiley State Resort Park and the Prestonsburg Passage Rail Trail. The Jenny Wiley State Resort Park has Dewey Lake, which is used for boating, fishing, swimming, and water sports. The Park has hiking and biking trails, camping, a theatre, and wildlife viewing. The Prestonsburg Passage Rail Trail follows the former Louisville & Nashville Railroad right-of-way through Prestonsburg. The paved trail is approximately 2.5 miles and is usable for walkers, runners, and cyclists. The Middle Creek National Battlefield is also a tourist attraction in Prestonsburg. This battlefield is the location of the largest and most significant Civil War battle fought in Eastern Kentucky. The battlefield spans approximately 400 acres.
Immediate upside is evident to prospective purchasers in the STR report, which is comprised of Ramada Paintsville Hotel & Conference Center, Days Inn Paintsville, Motel 6 Morehead, Comfort Suites Prestonsburg, Quality Inn & Suites Prestonsburg, and Best Western Plus Louisa. The hotel has lagged the competitive set in ADR penetration, achieving ADR penetration indices of 64% in 2022, 63% in 2023, and 64% in the trailing 12 months preceding June 2024, respectively. This ADR penetration signals potential revenue growth upside for a hands-on operator who can employ rate management strategies to bring the room rates further in line with the competitive set. Upon the completion of a change-in-ownership PIP, an operator will b e able to increase the ADR, and therefore increase returns.