Extended Stay America Knoxville Cedar Bluff, TN

UNDER CONTRACT

• Fee-simple interest in the corporate owned and managed 96-room Extended Stay America (ESA) Knoxville Cedar Bluff
• Available for individual sale, part of a South / Southeast ‘Sun-Belt’ 17-property portfolio available in the auction events ending on March 15th-16th
• Ability to purchase any combination of the 17-assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
• Strong in-place performance with trailing-24-month year-over-year average occupancy of nearly 88% of brand, debt, and management – with a variety of alternative brand options available for conversion
• Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
• Situated less than fifteen miles from McGhee Tyson Knoxville Airport which recently went through a $134 million airport expansion allowing for expanded routes and additional passenger volume
• Ideally located within the Knoxville MSA, close to regional demands such as Parkwest Medical Center, University of Tennessee, World’s Fair Park, Ijams Nature Center, Knoxville Museum of Art, and Downtown Knoxville
• Property is readily accessible via Interstate 40 & Interstate 140 interchange with upwards of 155,000 vehicles passing the location daily
• Rare opportunity to purchase corporate owned ESA assets amidst their first public marketing of properties since the +$6B portfolio acquisition in June 2021
• Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
• Extended stay economy product has also vastly outperformed all other lodging sectors in recent years, with particularly robust growth amidst the COVID recovery
• High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering
• Knoxville has seen unprecedented population growth and ranks amongst the fastest growing cities in Tennessee
• Tennessee has been a primary benefactor of migration trends with business leaders seeking pro-business / lesser tax burdened markets and residents attracted to the sunbelt quality of life