28 MARCH 2024

HUNTER HOTEL ADVISORS ANNOUNCES SALE OF MARRIOTT-BRANDED ROANOKE HOTELS

Hunter Hotel Advisors ("HUNTER") today announces the sale of the Courtyard and Residence Inn Roanoke Airport. Kalyan Hospitality purchased the two properties on March 12, 2024, with HUNTER’s Senior Vice President, David Perrin, representing the institutional seller.

The Courtyard and Residence Inn, totaling 214 keys, are strategically positioned near various demand drivers in the Roanoke area. Situated less than a mile from Roanoke Blacksburg Regional Airport, these Marriott-branded hotels enjoy proximity to the Roanoke Valley, the largest metropolitan area in the western region of Virginia. Roanoke’s advantageous location, within 500 miles of two-thirds of the nation's population, positions it as a nexus for transportation, finance, and industry. The hotels directly benefit from Roanoke’s primary logistics corridor, home to major companies such as UPS, FedEx, XPO, and Norfolk Southern.

“We were thrilled to represent ownership on these high-yielding and well-maintained hotels in Roanoke,” said David Perrin, senior vice president of HUNTER. “The buyer is a significant regional owner who plans to improve their economies of scale within the growing Roanoke MSA. The new owners will renovate the hotels to current brand standards. We congratulate both buyer and seller in executing yet another successful transaction with HUNTER in the mid-Atlantic.”