Marcus & Millichap is pleased to announce the opportunity to acquire the Microtel Inn & Suites located at 89 Rufus Robinson Rd. in Sylva, North Carolina. The Subject Property is well appointed on 2.24 acres and is also the newest hotel within the comp set. . The property opened in 2014 the property and has seen significant increases in revenue generation year over year. The property is currently being offered well below replacement cost and is located in a superior location with above average amenities.The property is currently operating with an Occupancy rate of 39.4%, ADR of $89.10, and a RevPAR of $35.11.The Cherokee Indian Reservation blends natural beauty, rich Indian culture, and exciting family attractions into an ideal vacation destination. With 9 million visitors a year, the nation’s most popular national park is also one of the largest, offering more than 800 square miles of protected forest almost equally divided between Tennessee and North Carolina. Encompassing the communities of Murphy, Andrews and Brasstown, scenic Cherokee County offers a wealth of outdoor recreational activities, small town charm, and historic sites reflecting the area’s history and cultural heritage.
The property is located directly off of major Highway US-74 in Jackson County. The hotel is within close proximity to downtown Sylva, which is the home to many independent stores, that include shopping, restaurants, and breweries some of which include Innovation Brewing and Sneak E Squirrel Brewery and Taproom. The hotel is approximately 13 miles away from Harrah’s Cherokee Casino, a major demand generator for the region. This North Carolina casino features 50,000 square feet of gaming space with more than 1,000 slots and 70 traditional table games.