Economy Hotel Tennessee
For Sale
Contact for pricing
112 US-51, Covington, TN 38019
Two unencumbered economy hotels in Tennessee, totaling 175 guestrooms.
Property Size149,512 SF
Price / SF$19.40
Days on Market952
Property Features for 112 US-51
General Information
Standard status
Active
Size
149,512 SF
Property subtype
Hospitality
Zoning
B-2, CMU-3
Investment Type
Value Add
Building Details
Year Built
1944
Listing Agency:
Avison Young - Atlanta
Listed By:
Mihir Chokshi · License #406685
(404) 421-4645
Source:
Crexi
Added: Jan 27, 2024
Changed: Sep 2
Last Checked: Sep 2 at 3:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Avison Young - Atlanta
Investment Insights
Based on property information with market context.
The Economy Hotel Tennessee Portfolio, totaling 175 guestrooms, is available for consideration. The portfolio consists of two hotels in Memphis and Covington, Tennessee, and is comprised entirely of an independent brand. Offered fully unencumbered of management and debt, this presents investors with the opportunity to acquire a regionally concentrated portfolio of economy hotels. The portfolio is being offered at a substantial discount compared to the price to replicate the same assets today, offering a new investor immediate value from day one, as labor and materials have reached all-time peaks leading to soaring construction costs for new build projects.
Key Highlights
- Discount to Replacement Cost: Offered at a substantial discount.
- Unencumbered of Debt & Management: Allows for fresh capital and operational retooling.
- Regionally Concentrated Portfolio: Two hotels located in Tennessee.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 38019, TN
15,129
Population
6,543
Households
2.3
Avg Household Size
40
Median Age
15%
College-Educated
88%
High-School Grad
140.6 sq mi
ZIP Area
108
Density / Sq Mi
$59,957
Median Household Income
$38,118
Median Earnings
$912
Median Rent
$195,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Two unencumbered economy hotels in Tennessee, totaling 175 guestrooms.
Where is this hotel located?
The property is located at 112 US-51 Covington, TN.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Discount to Replacement Cost: Offered at a substantial discount.; Unencumbered of Debt & Management: Allows for fresh capital and operational retooling.; Regionally Concentrated Portfolio: Two hotels located in Tennessee.
