Grey Pine Lodge, 22-unit Boutique Motel in VA

[Chase Hoover]

Investment Info:

Other commercial investment investment in Waynesboro.

22-unit boutique motel right in the heart of where the Appalachian Trail, Shenandoah National Park, Skyline Drive and Blue Ridge Parkway all converge to create an unmatched hiking haven. Our grounds cover over 33 acres; we even have a private hiking trail right on property! We're also just miles from some of the most well-known brewery and winery trails on the East Coast.

greypinelodgeva.com

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

Location! The motel is on Afton Mountain, the convergence of multiple hiking trails and tourist attractions.

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

I found this while deep-diving the internet one night for potential properties for our 1031 exchange. This was found on bizbuysell.com - it was not on the MLS, loopnet, or anywhere else! Because of this, we were the only buyer at the table and were able to negotiate a great deal. If it were marketed properly, it would've sold for way higher.

How did you finance this deal?

1031 exchange for down payment on construction loan converting to a commercial loan.

How did you add value to the deal?

FULL GUT (and then some) - re-framed some rooms so they were uniform, fixed structural and drainage issues, brand new electric, plumbing, siding, hvac, and pretty much everything else you can think of but the roof!

What was the outcome?

After a 10-month remodel, we are finally almost ready to launch.

Lessons learned? Challenges?

Too many to list on this one.........

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

Real Estate: Hoover & Co Real Estate
Management: Be Still Getaways