124 Woodland Dr SW, Wise, VA 24293

Colliers, as exclusive representative of the seller, is pleased to present to qualified investors the Best Western of Wise, located at 124 Woodland Dr SW Wise, Virginia 24293. The subject property is a 60-room, three-story, interior-corridor, limited-service hotel constructed in 1999 and situated on approximately 1.12 acres with direct visibility and access to U.S. Route 23 (approximately 23,000 vehicles per day). The asset is offered fee simple, unencumbered by debt, and free of third-party management.

The hotel benefits from exceptional positioning within Wise County, the primary economic, educational, and healthcare center of Southwest Virginia. The property enjoys excellent regional connectivity to Interstate 81 and the Kingsport/Johnson City, Tennessee markets, capturing a steady mix of commercial and interstate travel. Wise County features a highly diversified economic base of approximately 36,100 residents, strongly anchored by healthcare, education, and government services. A primary lodging driver is the University of Virginia’s College at Wise, located less than two miles away. With an enrollment of nearly 1,850 students and over 600 local employees, the college is a massive economic engine generating an annual economic impact of $94.4 million, including $19.2 million in direct student spending, while drawing continuous out-of-town visitation. Consistent midweek base occupancy is further supported by regional government travel, state agency contractors, and the robust healthcare network operated by Ballad Health. Facilities such as the 129-bed Norton Community Hospital and the 101-bed Lonesome Pine Hospital generate steady demand from traveling nurses, visiting specialists, medical vendors, and patient families. Leisure travel provides an additional layer of durable weekend demand, as the hotel serves as a gateway to the Jefferson National Forest, Spearhead Trails ATV system, and Breaks Interstate Park. Collectively, these attractions allow the property to capture a meaningful share of Southwest Virginia’s $1.38 billion annual outdoor recreation visitor spending. Crucially, Wise County is an emerging secure technology corridor anchored by the $65 million Mineral Gap Data Center. Building on this, plans advanced in early 2026 for the Wise Innovation Hub, a sprawling 2-million-square-foot, multi-phase data center complex featuring an on-site power plant. Construction will inject 500 to 700 initial jobs, plus hundreds of specialized tradespeople over a decade-long build-out, eventually yielding hundreds of permanent tech and energy positions. From a hospitality perspective, this magnitude of capital investment drastically elevates the region's economic profile, generating an immense, multi-year surge of construction-phase demand from engineers and contractors, followed by sustained corporate and technical visitation that will drive significant growth in midweek occupancy and average daily rate.

The hotel’s STR-defined competitive set includes the Days Inn by Wyndham Norton, Hampton Inn Norton, Super 8 by Wyndham Norton VA, and The Inn at Wise. Historically, the subject property has been a dominant, high-performance leader within this set. While recent trailing performance reflects a temporary operational disruption due to ongoing property improvements, with a limited number of rooms temporarily offline, this presents a highly measurable upside for a new operator. By finalizing these upgrades and returning full inventory to the market, a new owner is perfectly positioned to recapture the asset's historical market share.

A highly attractive component of this offering is the heavily mitigated capital expenditure requirement for the incoming investor. The property is currently undergoing an extensive franchise Property Improvement Plan (PIP) to elevate the asset across all floors, with current ownership having already invested $711,560.89 in recent capital expenditures. Crucially, approximately 35 to 40 guest rooms have already been fully completed, and all necessary case goods for the remaining rooms have been ordered and will be conveyed with the sale. This comprehensive inventory includes new televisions, bathroom vanity counters, shower walls, and doors. In the common areas, all hallway lighting is fully finished, leaving just one corridor awaiting wallpaper and two additional corridors pending completion. This drastically reduces the out-of-pocket capital required for a new owner to finish the PIP, allowing them to rapidly finalize the renovations and return full inventory to the market to immediately drive top-line revenue without the heavy burden of typical brand-mandated CapEx. Furthermore, recent mechanical upgrades, including a newer boiler system with a tandem instant-heat installation, add to the physical plant's appeal, solidifying the hotel's readiness for its next chapter of high-yield operation.

In summary, the Best Western of Wise represents a compelling, value-add opportunity to acquire a historically dominant asset in a market on the brink of transformative technological and industrial growth. With heavily subsidized PIP materials conveying at closing, a new owner-operator can seamlessly finalize property improvements and immediately capitalize on the massive incoming demand from the Wise Innovation Hub and established regional anchors. The combination of minimized CapEx requirements, proven historical cash flow capability, and a robust regional economic landscape provides a premier foundation for rapid stabilization and durable long-term value creation.