Batten Green Venue & Lodging in Staunton VA

[Chase Hoover]

Investment Info:

Other commercial investment investment.

Contributors:
William Harvey

Batten Green is the Shenandoah Valley's premiere venue for weddings, luxury accommodations and special events, small and large. Nestled on 12 acres with spectacular pastoral and mountain views, Batten Green offers three perfectly appointed guest spaces sleeping up to 28: the historic Manor House, the 8-unit Millstone Lodge and the quaint Cranbrook Cottage. While tucked away in seclusion amongst gorgeous rolling hills, we are perfectly positioned minutes away from exciting downtown Staunton.  battengreen.com

What made you interested in investing in this type of deal?

We fell in love with this property the first time we saw it. The location, views, and buildings are fantastic - just needed a bit of modernizing and the right team to market it to its full potential.

How did you find this deal and how did you negotiate it?

It had been on the market a few months, priced too high. When the price dropped, we decided to go check it out. Loved it, made a good offer, but the owners decided they'd rather not sell. A month later, they want to sell again and we made another offer, rejected. Decided to stop wasting time on it but kept in touch with the owner. After a crazy weekend, he finally had enough and I made a third offer which was finally accepted, months after seeing it for the first time!

How did you finance this deal?

Ash Valley Development syndicated this acquisition with our investors.

How did you add value to the deal?

Remodel all bathrooms, some flooring, interior paint, new furniture. Rebranded the property, new marketing materials, and brought on an events sales manager.

What was the outcome?

Just starting out, but excited!

Lessons learned? Challenges?

Lesson learned - the deal is never dead. Stick with it, and if it's meant to be, it'll be.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate: Hoover & Co Real Estate
Capital: Ash Valley Development
Management: Be Still Getaways