112 US-51 Covington, TN 38019
Two unencumbered economy hotels in Tennessee, totaling 175 guestrooms.
Type:Hospitality
Property size:
149,512 SFPrice / SF:
$19/SF- Added:
- Jan 27, 2024
- Days on Market:
- 815
- Last Refresh:
- Mar 17 at 1:25 pm
Property Features for 112 US-51
General Information
- Standard status
- Active
- Size
- 149,512 SF
- Property subtype
- Hospitality
Listing agent Mihir Chokshi License #406685
Listing office Avison Young - Atlanta
Listing date Jan 27, 2024
Source Crexi
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
Overview
Economy Hotel Tennessee Portfolio
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.
Location Intelligence
Current Use by Public Records
Hotels
Map
- City
- Covington
- County
- Tipton
- State
- Tennessee
- Longitude
- -89.6247
- Latitude
- 35.5637
Nearby Similar for Sale
FAQs
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.
