Commercial real estate brokerage firm Marcus & Millichap oversaw the sale of the Switzerland Inn, a 70-room resort and collection of residential houses in Little Switzerland, N.C. The portfolio was sold for $15.65 million.
“It was a privilege to utilize our tested process to expose and unlock the top of the market value for generational owners of such a unique and historic property. We wish MMI Hospitality nothing but success as they steer the property forward into the next generation of ownership,” said McLean Hicklin, first vice presidents of investments.
Hicklin and Robert Hunter, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, MMI Hospitality. Benjamin Yelm, Marcus & Millichap’s Broker of Record in North Carolina, assisted in closing the transaction.
“This sale process confirmed that demand for leisure-driven hotels is still conditionally very strong. Due to Switzerland Inn’s expanding business, barriers to entry, and physical appeal, the value was roughly 50 percent higher than expected pre-COVID. Its location in the mountains also provided a buffer against inflated insurance premiums that have impacted leisure properties in coastal markets,” added Hunter, senior vice president of investments.
The portfolio covers 14 acres and is located at the entrance of the Blue Ridge Parkway. In addition to the Inn, two nearby residential houses, each with three bedrooms, were included in the sale. The properties are maintained by the third generation of its family owners. The resort is near Crabtree Falls, Pisgah National Forest, The Orchard at Altapass, Lake James State Park, Grandfather Mountain and The Biltmore Estate.