Kalyan Hospitality purchased the Courtyard and Residence Inn Roanoke Airport earlier this month. Other terms were not disclosed. Hunter Hotel Advisors' Senior Vice President David Perrin represented 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 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,” Perrin said in a statement. “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.”