Motel in Maggie Valley, NC - Great Smoky Mountains National Park

[Joseph Franklyn McElroy]

Investment Info:

Other commercial investment investment.

Purchase price: $950,000
Cash invested: $350,000

Meadowlark Motel - family motel in tourist town Maggie Valley. Meadowlarkmotel.com - being renovated to Motel Chic with Appalachian Flavor. Focused on selling experiences in the Great Smoky Mountains National park and area. Close to Asheville, NC- very hip cultural scene.

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

This was my family's property for 45 years. My parents grew too old to run it. My wife and I are both in the travel business - She is an agent and I own a travel marketing company that does SEO for 7000 Marriot hotels. We figured we could make a go at this. We have put management in place and have done a lot of renovations.

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

Family

How did you finance this deal?

Family

How did you add value to the deal?

Renovations and marketing expertise

What was the outcome?

still in progress

Lessons learned? Challenges?

We have bootstrapped it ourselves, but to go to the next level we have to understand real estate investment.