2836 N LEE HWY, LEXINGTON, VA 24450-3132

Colliers, as exclusive representative of the seller, is pleased to present to qualified investors the Howard Johnson Lexington, located at 2836 N Lee Highway, Lexington, VA 24450. The subject property is a 100-room, five-story, interior-corridor, limited-service hotel constructed in 1975 and situated on approximately 10.72 acres with direct visibility and access to Interstate-81 (approximately 47,000 vehicles per day). The asset is offered fee simple, unencumbered by debt, and free of third-party management.

Lexington, Virginia, a historic city nestled in the heart of the Shenandoah Valley, serves as a vital hub for both regional commerce and tourism. Lexington benefits from its proximity to major academic and cultural institutions, including Virginia Military Institute (VMI) and Washington and Lee University (W&L), which generate consistent demand from visiting families, alumni, and prospective students. The city also acts as a primary lodging gateway for travelers exploring the surrounding natural attractions, such as the Virginia Horse Center, Natural Bridge State Park, and the scenic Blue Ridge Parkway. Located conveniently along the I-81 corridor, the hotel captures significant transient volume, serving as an ideal midpoint for travelers navigating between major urban centers. The asset is well-positioned relative to key regional markets, sitting approximately 50 miles north of Roanoke, 75 miles west of Charlottesville, and 140 miles northwest of Richmond, ensuring robust year-round occupancy from both leisure guests and interstate commuters.

The hotel has demonstrated exceptional performance, with recent financial results reflecting a significant trajectory in both profitability and market penetration. This performance is underpinned by the hotel’s recently enhanced physical quality; ownership has aggressively invested in capital improvements, including a 2025 purchase of brand-new furniture for all 100 rooms. As of March 2026, installation is complete for 40 rooms on the first and fifth floors, with the remaining inventory secured on-site for a new owner. These upgrades, complemented by 2022 elevator installations and a 2026 pool renovation, significantly minimize the prospective change-of-ownership PIP burden. By leveraging these superior physical assets and transitioning to a more hands-on, local ownership strategy, a new operator is well-positioned to drive ADR, further penetrate the competitive set, and capitalize on the property's strong standing to achieve value appreciation.