Cookeville Hospitality for Sale
88 Rooms + 7 Rented Apartments - Interior-Corridor Baymont Inn & Suites sitting on +/- 5.01 Acres in Cookeville, TN
Diverse Location – The hotel benefits from multiple diverse demand generators including Tennessee Tech University (a public university with over 10,000 students enrolled on the Cookeville campus), multiple industrial/distribution/manufacturing plants (see list below) and Interstate-40 (the hotel is located directly off the highway and provides easy access to Nashville [~80 miles], Chattanooga [~90 miles] and Knoxville [~100 miles]), amongst multiple other demand generators.
Unique Hotel - The hotel sits on a sprawling +/- 5.01 acre campus which includes the hotel building, as well as two additional buildings surrounding the pool which house the 7 rented-apartments. Additionally, this hotel benefits from its strategic location built up on a hill which provides the rooms scenic views of the mountainous terrain of the Cumberland Plateau. Per ownership, the hotel’s swimming pool is the largest of any competing hotel in the Cookeville area, providing the opportunity to sell day-time passes to non-hotel guests during the warmer months/Summer as an alternative income stream. The hotel’s unique layout provides the property a “resort feel” unlike many of the midscale competitors in the immediate area and within the hotel’s competitive set.
The Opportunity – Despite being interior corridor and competing with many exterior-corridor hotels, the Baymont is currently underperforming its competitive set by over $11 in RevPAR (per December 2024 STR). Being a recently renovated hotel, the property will benefit from hands-on ownership and presents a management upside opportunity. A buyer may be able to increase revenue by way of a marketing budget and updated professional pictures (pictures shown online on Wyndham, Booking and all OTA sites are outdated and do not reflect the most recent renovation). The property presents an excellent opportunity for a hands-on owner/operator as the hotel includes 7 apartments (including one 3-bedroom and three 2-bedroom apartments) any of which would be suitable for an owner to live onsite.
Please see below summary and attached OM & data.
Baymont by Wyndham Cookeville TN
2021 East Spring Street,
Cookeville, Tennessee 38506
• $4,500,000 Pricing Guidance - $47,368/Room
• Amongst the Cheapest Price/Room for any Interior-Corridor Hotel Actively Listed in Tennessee
• 95 Total Units Including 88 Hotel Rooms and 7 Fully-Occupied Apartments in 2 Separate Buildings Behind Hotel
o Apartment Mix:
? 1 Three-Bedroom Apartment
? 3 Two-Bedroom Apartments
? 3 Studio Apartments
• Interior-Corridor Structure with Many Rooms Including Balconies
• Sellers Completed Significant Recent Renovations Providing Very Minimal Expected Change-of-Ownership PIP Costs for Buyer
• +/- 5.01-Acre Parcel
• “Largest Swimming Pool of any in Surrounding Area” – Provides Buyer Opportunity to Charge for Daytime Access During Summer/Warmer Months
• Excellent Owner/Operator Opportunity and First-Time Hotel Buyer Opportunity
• Price Point Makes Acquisition Suitable for SBA 7a Financing with LTV up to 85% - 90%.
• Property Underperformed its Comp Set by Over $11 in RevPAR throughout 2024 – Providing Excellent Revenue Management Upside Opportunity
• Most Recent Hotel Sale in Cookeville:
o Suburban Studios (Now an Independent) – 1814 Salem Road, Cookeville, TN 38506
o 112-Rooms, Exterior-Corridor, 1972-Construction
o ~$1.1M Revenue in Most Recent T-12 Upon Sale
o Sold for $5,705,000 – October 2024
o 5.4x Room Revenue Multiplier
• ~4.7 Miles from Tennessee Tech University, a Well-Renowned University with Enrollment Surpassing 10,000 Students.
• Multiple Industrial, Distribution & Manufacturing Plants within Close Proximity
o Cummins Filtration Manufacturing Plant with ~950 Skilled Workers/Employees
o Transtar Industries Automotive Parts Manufacturing Facility
o TTI Oreck Vacuum Cleaner Manufacturing Plant with ~745 Skilled Workers/Employees
o Averitt Express Transportation/Logistics Corporate Headquarters with ~1,000 Employees
o TriStar Beverage of Cookeville Distribution Facility
o Tutco Heating Solutions Manufacturing Center with ~250 Skilled Workers/Employees
o Flowserve Industrial Pump Manufacturing Center with ~200 Skilled Workers/Employees
o Identity Group Sign/Safety Barrier Manufacturing Center with ~200 Skilled Workers/Employees
o IWC Food Distribution Center with ~232 Employees
o Aphena Pharmaceutical Manufacturing Center with ~323 Skilled Workers/Employees
o G & L Manufacturing Center (Titanium & Stainless Steel Tubing) with ~118 Skilled Workers/Employees
o Dacco Auto Transmission Parts Manufacturing Center with ~160 Skilled Workers/Employees
o FICOSA Automotive Parts Manufacturing Center with ~620 Skilled Workers/Employees
o ATC Automation & Robotics Assembly Plant with ~260 Skilled Workers/Employees
o Academy Sports + Outdoors Distribution Center with ~760 Skilled Workers/Employees
• Close Proximity to Nashville (~80 Miles), Chattanooga (~90 Miles) and Knoxville (~100 Miles).
