Warmbrodt Hotel Investments (WHI) announced today they closed the sale of Value Place Gastonia, NC. WHI was the exclusive adviser on behalf of the seller. The property was sold to an institutional investor at an undisclosed price. The purchaser will renovate the property to current Value Place standards.
The extended-stay hotel is interior corridor with 4 stories and 121 rooms. Value Place is a uniquely branded premier low-cost extended-stay hotel, specializing in clean and secure weekly lodging with a commitment to comfort, privacy and peace of mind. The highly efficient operating model allows an investor to benefit from the rate adjustability of a hotel but the operating costs of a multi-family apartment building.
“The Charlotte metropolitan area is a highly sought after real estate market,” commented Zane Varvel, Vice President of WHI. “Investors are paying market cap rates for strong performing, well located properties in the economy extended stay sector. The opportunity to obtain and increase cash flow is becoming more scarce in today’s market.”
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