Woodmont Lodging, Milestone Companies and Blue Vista Capital Management have jointly acquired the 111-room Holiday Inn Asheville East in North Carolina. This marks the fourth hotel transaction the companies have finalized together since 2018.
“We are excited to begin the new year by acquiring the Holiday Inn Asheville East, a recently fully renovated hotel in a strong, drive-to market,” said Elliott Estes, principal, Woodmont Lodging, in a statement. “We were able to source the opportunity 100 percent off-market at well below replacement cost, proving that we continue to be a resourceful and nimble group as we navigate and emerge from a challenging period for the economy as a whole.”
Situated on 3.27 acres on the eastern side of Downtown Asheville, the four-story hotel is less than a mile from Billy Graham Training Center at the Cove, the Asheville VA Medical Center and one of five Asheville area entrances to the Blue Ridge Parkway. The hotel also is 10 minutes from UNC Asheville, the Biltmore Estate and Winery and multiple breweries.
The hotel underwent an extensive renovation in 2016 and 2017, updating all the guestrooms, public space and restaurant. Public spaces at the property include approximately 1,700-square-feet of meeting space, a sundry shop, a fitness center, an outdoor swimming pool and guest laundry facilities.
“As the largest metro area in the Blue Ridge Mountains, Asheville attracts more than 10 million visitors annually,” Estes noted. “Proximate to multiple business and leisure demand generators and accessible to Knoxville, Winston-Salem, Charlotte and Atlanta, the hotel benefits from a prime location at the crossroads of multiple, major Southern city centers. Between the hotel’s long track record of strong performance in both stabilized and recessionary environments and the market’s resiliency throughout the pandemic, the Holiday Inn Asheville East checks all the boxes for us.”