virginia-courtyard-portfolio

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3169 Linden Drive | Bristol, VA 24202

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JAMES MADISON UNIVERSITY (JMU)/ HARRISONBURG

1890 Evelyn Byrd Ave | Harrisonburg, VA 22801

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Berkadia Hotels and Hospitality has been exclusively retained to offer for sale the fee simple interest in a two-property hotel portfolio, totaling 300 rooms – the Virginia Courtyard Portfolio (the “Portfolio,” “Hotels,” or “Assets”). The best-in-class Marriott flags are strategically positioned in prominent, yet diversified, university and leisure-driven submarkets of Virginia, which are both highly accessible, rapidly growing, and ideally located along the heavily trafficked I-81 corridor. The offering presents a unique opportunity to acquire a geographically concentrated portfolio with strong in-place cash flow, highly efficient operating margins, and attainable top-line/market capture upside. Moreover, the Portfolio is offered fee simple, non-union, and unencumbered of management, providing a new owner with significant operational flexibility. When paired with impressive financial growth trajectories (31.7% year-over-year NOI growth), being offered at an attractive basis far-below replacement cost, and a combined $5.9 million ($20k/key) of capital improvements being spent during the 2020 – 2024 period, the Portfolio offers a compelling investment opportunity with economies of scale in the current economic environment. While the two Hotels are being offered as a portfolio, offers submitted on an individual asset basis will be considered/reviewed by the seller.

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DAN HAWKINS

Managing Director 240.204.5139dan.hawkins@berkadia.comDC License #SP200201313

Kyle Stevenson

Managing Director 786.646.2591 kyle.stevenson@berkadia.com VA License #0225046869

Justin Storer

Real Estate Analyst 301.202.3542 justin.storer@berkadia.com DC License #SP40003037

JAKE PIETRAS

Associate Director 410.940.9497 jake.pietras@berkadia.comMD License #5003787

Investment Sales

Mauricio Rodriguez

Managing Director 240.204.5133 mauricio.rodriguez@berkadia.com

Katelyn Reynolds

Associate Director 213.399.3390 katelyn.reynolds@berkadia.com

Lindsey deButts

Senior Director 240.204.5131 lindsey.debutts@berkadia.com

Financing

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

THE LOCATION

Crown Laboratories

Headquartered in Johnson City, TN, Crown Laboratories is an international skincare company providing aesthetic, premium and therapeutic skincare products. 250,000 square foot manufacturing facility. Completed a $7.5 million, 60,000 square foot expansion in 2023.

Ballard Health/Holston Valley Community Hospital

345-bed Level III trauma center. 1,520 jobs supported. Full range of specialty and subspecialty care services. 24/7 emergency department, health/vascular care, imaging services, surgical services, trauma care.

Eastman Chemical

Headquartered in Kingsport, TN. Eastman Chemical produces a broad range of chemicals, fibers, and plastics that are found in products such as paint, textiles, and medical devices. 6,500 jobs supported. 4,000 acres of land, with main plant covering approximately 900 acres. One of the largest integrated chemical manufacturing sites in North America. #46 Fortune 500 - 2024 $9.2B in revenues - 2024

King University

Private, Presbyterian-affiliated liberal arts college located in Bristol, TN. 135-acre campus. +90 majors, minors, pre-professional degrees and concentrations. Roughly 1,300 students.

Eastern Tennessee State University (ETSU)

EDUCATION

Located in Johnson City, TN. 13,979 students enrolled (fall 2024 semester). +170 academic programs. Approximately 2,400 employees – one of the largest employers in the region. $62.5 million academic building currently under construction. 62,000 SF state-of-the-art instruction space for Literature and Language, Mathematics and Statistics, and Communication students. Estimated completion: spring 2026.

Bays Mountain Park & Planetarium

Large nature preserve and educational facility located in Kingsport, Tennessee. Features over 3,500 acres of natural beauty, a 44-acre lake, and a variety of wildlife habitats. Houses a state-of-the-art planetarium, offering astronomy shows and educational programs. +39 miles of hiking trails. +30 miles of mountain biking trails.

Tri-Cities Airport (TRI)

Served by Allegiant, American, and Delta Airlines Non-stop flights to Orlando, St. Pete-Clearwater, Charlotte, DFW, and Atlanta 448,514 passengers served in 2023 – up 15.8% Y-o-Y $40M Aerospace Park under development $23M Terminal Modernization Project in-planning

Appalachian Caverns

Enchanting destination located in Blountville, Tennessee featuring an impressive cavern system with breathtaking rock formations and a large river flowing through its depths. Largest show cave in Northeast Tennessee.

Cherokee National Forest

Vast and diverse wilderness area located in eastern Tennessee offering a wide range of outdoor activities, including hiking, camping, fishing, and wildlife viewing. +2 million annual visitors. 650,000 acres – largest tract of public land in Tennessee. +700 miles of trails for hiking, biking, and horseback riding – including 150 miles of the Appalachian National Scenic Trail.

Appalachian Trail

Famed long-distance hiking trail that stretches approximately 2,190 miles across the eastern United States, from Springer Mountain in Georgia to Mount Katahdin in Maine. +3 million visitors each year. $4.9B in economic ouput generated Longest hiking-only trail in the world

Steele Creek Park

Third-largest (2,200 acres) municipal park in Tennessee. 150 acres of developed recreational space, a 54-acre lake, and nearly 2,000 acres of undeveloped forested hills. 65-acre, 9-hole golf course at the park entrance. +20 miles of hiking and biking trails.

Paramount Bristol

Multi-use performing arts venue located in downtown Bristol, offering music, dance, comedy, film, theater, and family entertainment. Recognized on the National Register of Historic Places, it features a lavish Art Deco interior and an iconic marquee typical of the 1930s. 24,000 square feet of space.

Nicewonder Farm & Vineyards

Picturesque estate that offers a combination of agricultural and hospitality experiences and features a vineyard producing a variety of wines, along with dining options and accommodations for visitors. 450-acre estate. Vineyard spans 13 acres.

Bristol Caverns

50,000 visitors annually. Natural attraction featuring a series of stunning underground caves. Visitors can explore the caverns through guided tours that showcase impressive stalactites, stalagmites, and other geological formations.

Bristol Motor Speedway

1 million visitors annually. Stadium-like design make it a versatile venue for hosting major auto races, football games, and a variety of other events. Hosts two NASCAR events each year, including the Bristol Night Race. Capacity: 162,000 – making it one of the largest sports facilities in the world. In 2025, the Atlanta Braves and Cincinnati Reds will play at Bristol Motor Speedway, marking the first major league baseball (MLB) game in Tennessee History.

Birthplace of Country Music Museum

Located in the heart of Bristol, Virginia, the museum is dedicated to preserving and promoting the history of the 1927 Bristol Sessions, which are considered by many to be the "big bang" of modern country music. 24,000-square-foot museum featuring exhibits, interactive displays, and educational programs. Affiliated with the Smithsonian Institution, enhancing its cultural and historical significance. 30,000 visitors in 2023. Annual Bristol Rhythm & Roots Reunion music festival. Approximately 40,000 attendees over three days. Hosts over 100 bands on 13 stages in downtown Bristol each September.

Hard Rock Hotel & Casino Bristol

Grand opening in November 2024. $500 million investment. 620,000 square feet – 1,500 slot machines, 50 table games, sportsbook, seven dining options. Hard Rock Live – 23,000 square foot, 2,000-seat entertainment venue. 1,400 full- and part-time jobs supported. Temporary casino (Bristol Casino) which operated from July 2022 until the grand opening of the Hard Rock welcomed more than 3 million guests. Generated $66 million in gaming taxes.

Tri-Cities

The Tri-Cities region in Tennessee and Virginia consists of three primary cities: Kingsport, Johnson City, and Bristol. This area is known for its scenic beauty, nestled in the Appalachian Mountains, and offers a mix of urban and rural living. The region has a strong industrial base, with healthcare, education, and manufacturing being key economic drivers. Additionally, the Tri-Cities area is rich in cultural and recreational activities, including music festivals, outdoor adventures, and historical sites. It's a vibrant community with a growing economy and a high quality of life. More than 1 million people live within a 50-mile radius of this region. Tri-Cities named the best places to live in Tennessee – USA Today (2024) Kingsport-Bristol ranked 11th in emerging housing markets – Wall Street Journal (2023) 10th best smaller metro area for businesses and careers - Forbes 21 new businesses opened in downtown Kingsport in 2023 Bristol Ranked in Top 100 best place to retire in Virginia – Niche (2025)

THE OFFERING

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Having completed $2.6 million ($15k/key) of renovations in 2020, the Courtyard Bristol provides a new owner with the ability to acquire a Marriott-affiliated, limited-service hotel, with a category dominant flag, that was purpose-built with reinforced concrete construction and is in excellent condition at a highly attractive basis far-below replacement cost. Moreover, while the Hotel has a demonstrated history of significant realized cash-flow (34.9% NOI margin), the Property, which is being offered fee simple, non-union, and unencumbered of management, provides significant upside, as the Asset is only running a 94% RevPAR index – well-below the brand average for a Courtyard of 110%. More notably, both the Hotel and submarket are on a significant upward growth trajectory, with RevPAR during the year end 2024 period increasing 19.4% and 14.7% versus the prior year, respectively (NOI for the Courtyard grew 43.9% during the same period). The Courtyard Bristol represents a rare opportunity for a new owner to acquire a recently renovated, premium-branded, Marriott-affiliated hotel, with outstanding in-place cash-flow/ operating margins and significant revenue management growth potential upon installation of a new operator. The Hotel is strategically positioned in Bristol, VA along the highly trafficked I-81 corridor (58k VPD) and is proximate to the region’s top demand generators including downtown Bristol, The Birthplace of Country Music Museum, Bristol Motor Speedway (1 million annual visitors), the newly opened, $500 million Hard Rock Casino, Appalachian Trail and Cherokee National Forest (combined 5 million annual visitors), Bristol Caverns, and much more. When paired with a world-class reservations and rewards system of more than 203 million global members (Marriott Bonvoy), minimal new incoming supply, and notable local growth initiatives, the Asset presents a compelling investment opportunity in the current economic landscape and is positioned to offer lodging investors robust returns throughout their hold period.

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3169 Linden Drive | Bristol, VA 24202

BRISTOL

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#4 of 16 hotels in Cranberry Township

MEETING SPACE

600 SF (1 event room – 40-person capacity)

Additional Amenities

Fitness center, business center, indoor pool, hot tub, mobile key, complimentary WiFi

FOOD & BEVERAGE

The Bistro, The Market

Vintage/Renovation

2004 / 2020 ($2.6 million – $15k/key)

Guestrooms & Suites

175

LAND AREA

3.18 acres

Parking

212 spaces (complimentary surface parking)

BUILDING AREA

98,880 SF

Construction

Reinforced concrete

LABOR

Non-Union

FLA Expiration

March 2034 (new 15-year FLA potentially available)

Management

Unencumbered (currently OCI Hospitality)

TENURE

Fee Simple

3169 Linden Drive | Bristol, VA 24202

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Courtyard HARRISONBURG

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DAN HAWKINS

Managing Director 240.204.5139dan.hawkins@Berkadia.comDC License #SP200201313

Kyle Stevenson

Managing Director 786.646.2591 kyle.stevenson@berkadia.com VA License #0225046869

Justin Storer

Real Estate Analyst 301.202.3542 Justin.Storer@berkadia.com DC License #SP40003037

JAKE PIETRAS

Associate Director 410.940.9497 jake.pietras@Berkadia.comMD License #5003787

Investment Sales

Mauricio Rodriguez

Managing Director 240.204.5133 mauricio.rodriguez@berkadia.com

Katelyn Reynolds

Associate Director 213.399.3390 katelyn.reynolds@berkadia.com

Lindsey deButts

Senior Director 240.204.5131 lindsey.debutts@berkadia.com

Financing

THE LOCATION

Crown Laboratories

Ballard Health/Holston Valley Community Hospital

Eastman Chemical

Headquartered in Kingsport, TN. Eastman Chemical produces a broad range of chemicals, fibers, and plastics that are found in products such as paint, textiles, and medical devices. Numerous manufacturing areas that produce 1,200 products. 550 buildings. 6,500 jobs supported. 4,000 acres of land, with main plant covering approximately 900 acres. One of the largest integrated chemical manufacturing sites in North America. Located in Kingsport, TN.

Corporate/Medical

King University

Private, Presbyterian-affiliated liberal arts college located in Bristol, TN. 135-acre campus. +90 majors, minors, pre-professional degrees and concentrations. Roughly 1,300 students.

Eastern Tennessee State University (ETSU)

EDUCATION

Located in Johnson City, TN. 13,979 students enrolled (fa;; 2024 semester). +170 academic programs. Approximately 2,400 employees – one of the largest employers in the region. $62.5 million academic building currently under construction. 62,000 SF state-of-the-art instruction space for Literature and Language, Mathematics and Statistics, and Communication students. Estimated completion: spring 2026.

Bays Mountain Park & Planetarium

Tri-Cities Airport (TRI)

Transportation

Served by Allegiant, American, and Delta Airlines Non-stop flights to Orlando, St. Pete-Clearwater, Charlotte, DFW, and Atlanta 448,514 passengers served in 2023 – up 15.8% Y-o-Y

Appalachian Caverns

Cherokee National Forest

Appalachian Trail

Steele Creek Park

Paramount Bristol

Nicewonder Farm & Vineyards

Bristol Caverns

Bristol Motor Speedway

1 million visitors annually. stadium-like design make it a versatile venue for hosting major auto races, football games, and a variety of other events. Hosts two NASCAR events each year, including the Bristol Night Race. Capacity: 162,000 – making it one of the largest sports facilities in the world. In 2025, the Atlanta Braves and Cincinnati Reds will play at Bristol Motor Speedway. marking the first major league baseball (MLB) game in Tennessee History.

Birthplace of Country Music Museum

Hard Rock Hotel & Casino in Bristol

LEISURE

Tri-Cities

The Tri-Cities region in Tennessee and Virginia consists of three primary cities: Kingsport, Johnson City, and Bristol. This area is known for its scenic beauty, nestled in the Appalachian Mountains, and offers a mix of urban and rural living. The region has a strong industrial base, with healthcare, education, and manufacturing being key economic drivers. Additionally, the Tri-Cities area is rich in cultural and recreational activities, including music festivals, outdoor adventures, and historical sites. It's a vibrant community with a growing economy and a high quality of life. More than 1 million people live within a 50-mile radius of this region. Tri-Cities named the best places to live in Tennessee – USA Today (2024) Kingsport-Bristol ranked 11th in emerging housing markets – Wall Street Journal (2023) Tri-Cities ranked 9th in “Growth Index” – U-Haul (2025) Bristol Ranked in Top 100 best place to retire in Virginia – Niche (2025)

THE OFFERING

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3169 Linden Drive | Bristol, VA 24202

BRISTOL

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Recently renovated, limited-service hotel with reinforced concrete construction and a fee simple/non-union tenure offered at an attractive basis far below replacement cost Rapidly growing top-line performance with considerable upside Strong in-place cash-flow on a significant upward growth trajectory with highly efficient and consistent operating margins Long-term fla available with a best-in-class global loyalty program Highly accessible bristol location along the i-81 corridor, with proximity to the tri-cities and appalachian mountains Favorable supply story with no hotels under construction Growing development pipeline and economic trajectory

#4 of 16 hotels in Cranberry Township

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Recently renovated, limited-service hotel with reinforced concrete construction and a fee simple/non-union tenure offered at an attractive basis far below replacement cost Rapidly growing top-line performance (19.4% YoY growth) with considerable upside Strong in-place cash-flow on a significant upward growth trajectory (43.9% YoY growth) with highly efficient and consistent operating margins Long-term FLA potentially available with a best-in-class global loyalty program Highly accessible Bristol location along the I-81 corridor, with proximity to the Tri-Cities and Appalachian Mountains Favorable supply story with minimal hotels under construction Growing development pipeline and economic trajectory

Stories

BRISTOL

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DAN HAWKINS

Managing Director 240.204.5139dan.hawkins@berkadia.comDC License #SP200201313

Kyle Stevenson

Managing Director 786.646.2591 kyle.stevenson@berkadia.com VA License #0225046869

Justin Storer

Real Estate Analyst 301.202.3542 justin.storer@berkadia.com DC License #SP40003037

JAKE PIETRAS

Associate Director 410.940.9497 jake.pietras@berkadia.comMD License #5003787

Investment Sales

Mauricio Rodriguez

Managing Director 240.204.5133 mauricio.rodriguez@berkadia.com

Katelyn Reynolds

Associate Director 213.399.3390 katelyn.reynolds@berkadia.com

Lindsey deButts

Senior Director 240.204.5131 lindsey.debutts@berkadia.com

Financing

THE LOCATION

Northrup Grumman

$41.0 billion in revenues in 2024. #109 on Fortune 500 List. Invested over $200 million in nearby Waynesboro, VA (35-minute drive) for a new manufacturing testing facility.

Merck

$63.2 billion in revenues in 2024. #67 on Fortune 500 List. 900 employees in Rockingham County manufacturing plant.

Aramark

$19.6 billion in revenues in 2024. #220 on Fortune 500 List. 500-999 employees. Provides catering and dining services to JMU.

Shenandoah Valley Airport (SHD)

$70 million of economic activity generated annually. Regional airport that offers daily round-trip flights to Charlotte Douglas International Airport (CLT). 430 jobs supported.

Tenneco Inc.

$18.0 billion in revenues in 2024. #453 on Fortune 500 List. 250-499 employees. +956,000 square feet occupied citywide.

Sentara RMH Medical Center

238-bed community hospital. Serves 7-county area with a population of roughly 218,000. Cancer care, heart & vascular services, emergency care, maternity, women’s health, neurology, orthopedics, and surgery.

Rockingham Fairgrounds

83,500 people attended the 2024 Rockingham County Fair. Multi-purpose event venue. Hosts a variety of events throughout the year, including the annual Rockingham County Fair, which is one of the largest agricultural fairs in the state.

The Shenandoah Valley Conference Center at Hotel Madison

21,000 SF of event space. Nearly three times the size of any private event space in the central Shenandoah Valley. 4,560 SF of pre-function space.

George Washington & Jefferson National Forests

3 million annual visitors. +1.8 million acres. +2,200 miles of trails.

Shenandoah National Park

1.4 million annual visitors. $114 million in visitor spending in communities near the park. Cumulative benefit of $156 million to local economy. +500 miles of trails throughout the park.

Luray Caverns

One of the largest and most popular cave systems in the eastern United States. 500,000 annual visitors. Designated a National Natural Landmark in 1974.

1 million visitors annually. 6,000-acre, all season mountain resort offering skiing, snowboarding, and snow tubing in the winter. Indoor/outdoor water park. 2 public golf courses and driving range. Zip lines, mountain biking, canopy tours. Indoor waterpark expansion will add 22,000 square feet of space and deliver in 2026.

Massanutten Resort

Horizon Edge Sports Campus

State-of-the-art multi-sport facility. 90,000 SF field house. Outdoor pool. 4 indoor batting cages. 4 basketball courts. 6 volleyball courts. 15 indoor pickleball courts.

Smithland Road Soccer Complex

175 acres. 4 full-size athletic fields.

Spotswood Country Club

18-hole golf course originally designed by Fred Finley & Edmund Ault. One of the premier golf facilities in the Shenandoah Valley. Only private country club within 40 miles of Harrisonburg.

Valley Mall

The premier shopping destination in the Shenandoah Valley, featuring a variety of retail stores, dining options, and entertainment venues catering to a wide range of shopping needs. 506,000 square feet of space. +50 stores. Notable tenants: Target, Dick’s Sporting Goods, Belk, JCPenney, H&M, and Old Navy. Ranks No. 3 for shopper traffic out of 17 regional malls in Virginia – Placer.ai. 1.4 million annual visitors.

THE OFFERING

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The Courtyard James Madison University (JMU) / Harrisonburg is strategically positioned in a superior location perched atop a hill overlooking the Shenandoah Valley/Blue Ridge Mountains and rapidly growing James Madison University campus ($156 million of expansion plans underway) which spans more than 650 acres, enrolls 22,758 students, generates nearly $793 million in economic impact statewide, and ranks among the top 70 universities in the country by the Wall Street Journal. Furthermore, the Hotel benefits from a category dominant flag in the limited service hotel space, an industry-leading Marriott affiliation/loyalty program in a submarket with minimal brand distribution (Marriott only accounts for 8.4% of total keys in the entire submarket), and $2.8 million ($23k/key) of renovations completed since 2020, which included considerable tub-to-shower conversions (111 showers | 14 tubs). The Hotel is being offered fee-simple, non-union, and unencumbered of management, providing a new owner with significant revenue management and operational flexibility. Despite the Asset's impressive realized NOI during the year end 2024 period (31.3% NOI margin), there remains significant market share and top-line/ADR upside following completion of a Change of Ownership PIP that will renovate the Property’s product offering and guest-facing amenities, as the Hotel currently has a RevPAR index of 101% - well-below the Courtyard brand average of 110% and the Asset’s 125% average during the year end 2017-2018 period. The Courtyard James Madison University (JMU) / Harrisonburg represents a rare opportunity for a new owner to acquire a recently improved, Marriott-branded, limited- service hotel, with highly efficient operating margins/realized cash flow and market capture upside upon the implementation of new management/tailored revenue management strategies. The Courtyard is located in a dynamic submarket, proximate to James Madison University (650 acre campus | 22,758 students), the Valley Mall (+50 stores), downtown Harrisonburg (767k SF of retail), and numerous Fortune 500 companies such as pharmaceutical-giant, Merck. Furthermore, highly accessible along I-81 (58k VPD), the Hotel is well connected to regional attractions such as Shenandoah National Park (1.4 million annual visitors), Massanutten Resort (1.0 million annual visitors), Luray Caverns (500k annual visitors) and much more. Coupled with a world-class reservations and rewards system of more than 203 million global members (Marriott Bonvoy), minimal Marriott-branded supply, unique value -add repositioning opportunities relating to the pool and fitness center, and significant local/regional investment activity, the Courtyard presents a compelling investment opportunity and is positioned to deliver robust returns throughout a new owner’s investment horizon.

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1890 Evelyn Byrd Ave | Harrisonburg, VA 22801

JAMES MADISON UNIVERSITY (JMU)/ HARRISONBURG

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#4 of 16 hotels in Cranberry Township

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MEETING SPACE

1,100 SF (2 event rooms)

Additional Amenities

Fitness center, business center, indoor pool, mobile key, complimentary WiFi

FOOD & BEVERAGE

The Bistro, The Market

Vintage/Renovation

1999 / 2020 ($2.8 million – $23k/key)

Guestrooms & Suites

125 (111 showers)

LAND AREA

2.88 Acres

BUILDING AREA

70,348 SF

LABOR

Non-Union

FLA Expiration

November 2034 (new 15-year license potentially available)

TENURE

Fee Simple

Management

Unencumbered (currently OCI Hospitality)

Parking

151 spaces (complimentary surface parking)

Stories

MEETING SPACE

1,100 SF (2 event rooms)

Additional Amenities

Fitness center, business center, indoor pool, convenience store, mobile key, complimentary WiFi

FOOD & BEVERAGE

The Bistro

Vintage/Renovation

1999 / 2020 ($2.8 million – $23k/key)

Guestrooms & Suites

125

LAND AREA

2.88 Acres

Parking

151 spaces (complimentary surface parking)

BUILDING AREA

70,348 SF

LABOR

Non-Union

FLA Expiration

November 2034

Management

Unencumbered (currently Oliver Companies)

TENURE

Fee Simple

MEETING SPACE

600 SF (1 event room – 40-person capacity)

Additional Amenities

Fitness center, business center, indoor pool, hot tub, convenience store, mobile key, complimentary WiFi

FOOD & BEVERAGE

The Bistro, The Market

Vintage/Renovation

2004 / 2020 ($2.6 million – $15k/key)

Guestrooms & Suites

175

LAND AREA

3.18 acres

Parking

212 spaces (complimentary surface parking)

BUILDING AREA

98,880 SF

Construction

Reinforced concrete

LABOR

Non-Union

FLA Expiration

March 2034 (new 15-year FLA available)

Management

Unencumbered (currently Oliver Companies)

TENURE

Fee Simple

1890 Evelyn Byrd Ave | Harrisonburg, VA 22801

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Courtyard Bristol

Recently renovated, limited-service hotel with 111 showers offered fee simple, non-union and unencumbered of management at a highly attractive basis far below replacement cost Strong in-place revenue generation with top-line/market capture upside Substantial realized cash flow with highly efficient in-place operating margins Best-in-class global loyalty program (Marriott Bonvoy) with a potential long-term FLA available Marriott's largest and only upscale, limited-service hotel in Harrisonburg with minimal brand saturation in the region (Marriott only accounts for 8.4% of the keys in the market) Highly amenitized educational hub with proximity to downtown Harrisonburg Accessible location with seamless connectivity to regional leisure and corporate demand generators Poised to benefit from an active development pipeline and continued regional growth dynamics Unique value-add repositioning opportunities

JAMES MADISON UNIVERSITY (JMU)/ HARRISONBURG

JAMES MADISON UNIVERSITY (JMU) / HARRISONBURG

James Madison University

22,758 total students enrolled (2023) – 2.4% Increase YoY. 139 degree programs offered. $593 million economic impact for the Harrisonburg MSA. $793 million economic impact statewide. +3,800 jobs supported (full/part-time faculty and staff). Endowment: $155.5 million (FY 23-24).

Founded in 1908, James Madison University (JMU) is a public university in Harrisonburg, Virginia. Situated in the Shenandoah Valley, the university campus spans more than 650 acres and includes more than 100 buildings.

Harrisonburg Farmers Market

is a vibrant, community-focused market located in Downtown Harrisonburg. It operates year-round, offering a wide variety of locally grown produce, handmade goods, and artisanal products.

Edith J. Carrier Arboretum

125 acres. 3 miles of trails. Hosts +3,000 students on field trips each year. Only public-oriented arboretum in Virginia. Located on James Madison University’s campus.

Bridgeforth Stadium

Home to the James Madison University football team. Seating capacity: 24,877.

Downtown Harrisonburg

Harrisonburg offers the diversity of a big city while maintaining the charm of a small town. Downtown Harrisonburg is packed with entertainment options for students, such as art exhibits, an independent theater, concerts, trivia nights, poetry readings, DJ dance parties, open mic nights, public art, and film festivals.

+25 restaurants. +45 shops, art, and entertainment venues. Annual international festival attracts more than 9,000 visitors each fall. No. 1 Arts, Cultural, and Culinary District in Virginia.

Explore More Discovery Museum

The museum is a hands-on, interactive children’s museum located in Downtown Harrisonburg. It offers a variety of exhibits and activities designed to engage children in learning through play, covering topics such as science, technology, arts, and culture. +80,000 annual visitors.

Harrisonburg Crossing

+523,000 square feet of space. Adjacent to James Madison University. Notable tenants: Walmart Supercenter, The Home Depot, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Petco, and Michaels.

Eastern Mennonite University (EMU)

1,290 students enrolled. 500 jobs supported. +45 undergraduate programs. 30 graduate degrees and certificate programs.

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FORBES CENTER FOR THE PERFORMING ARTS

Features five modern performance venues with over 1,600 seats. Home to JMU’s School of Theatre and Dance. Offers state-of-the-art classrooms, rehearsal spaces, and office facilities.

THE OFFERING