PROPERTY OVERVIEW

Convenient Location off I-81

The Courtyard Bristol is ideally located directly off Interstate 81 proximate to numerous corporate and leisure demand generators. Driving corporate demand are a number of established manufacturing corporations such as Strongwell Corporation, Bristol Metals, and Shearer’s Foods. Strongwell Corporation is a major producer of fiber reinforced polymer products and recently received two awards for its innovation and design of the world’s tallest freestanding pultruded fiberglass structure. Currently under construction is the Hard Rock Hotel & Casino Bristol, which is scheduled to open in summer 2024. While the permanent location is under construction, Hard Rock opened a temporary facility which has garnered an unprecedented level of demand, boasting $150 million in gross revenue in its inaugural year. In nearby Tennessee, Bristol Motor Speedway is the 4th largest sports venue in the country with a seating capacity of 146,000 people and hosts numerous events throughout the year such as the Bass Pro Shops Night Race. In 2022, the Bass Pro Shops Night Race attracted 100,000 NASCAR fans to the area for race night. Further driving leisure demand is Historic Downtown Bristol, home to the Birthplace of Country Music Museum and numerous outdoor recreation venues such as Cherokee National Forest which draws approximately 2 million visitors each year. Connecting travelers to the area is the Tri-Cities Regional Airport which offers nonstop flights to 5 hubs, Atlanta, Charlotte, Dallas/Ft. Worth, Orlando Sandford, and St. Pete-Clearwater. 

Cash Flowing Asset with Upside Post PIP

The Courtyard Bristol has demonstrated strong cash flows, boasting an impressive $4,028,000 total revenue and 29% NOI margin for the Year End 2023 financial period. Significant upside remains upon completion of a change-of-ownership PIP. Currently, the Hotel reports a RevPAR of $60.05 and ranks 4 of 6 compared to its competitive set as of Year End 2023. The improved product offering, combined with the entrance of new demand generators in the market, may result in RevPAR and NOI levels well exceeding in-place metrics. 

Offered Below Replacement Cost in an Established Market 

The Courtyard Bristol is being offered at a discount to replacement cost with construction costs at an all-time high. The offering presents an opportunity to buy into a market with established corporate and leisure demand generators. In addition to the manufacturing firms that drive corporate demand and Downtown Bristol and Bristol Motor Speedway which drive leisure demand, the new Hard Rock Casino Bristol will open in the summer of 2024, further driving visitors to the area.