401 W MAIN ST Luray VA 22835-1024

Avison Young, as sole exclusive agent, is pleased to offer the fee simple interest in the Mimslyn Inn (hereinafter “Property,” or “Hotel”), a boutique hotel located in Luray, Virginia. The Property is situated on West Main Street off Highway 340/211. The Hotel is adjacent to Page Memorial Hospital and 13 miles from Interstate 81 (I-81). The Luray Caverns, Shenandoah National Park and State Parks, Lake Arrowhead Recreation Park, New Market Battlefield, 15 wineries/distilleries, and the Shenandoah River ) are located near the Property. Dining, shopping, and entertainment options are within a few miles from the Hotel. The Hotel offers easy access to Appalachian Adventures, Downriver Canoe Company, George Washington National Forest, Jordan Hollow Stables, and Shenandoah Speedway. Local businesses nearby Hotel include Masonite Corporation, Valley Health System, Emco Enterprises and the U.S National Park Service.

The property includes 61 keys on approximately 12.6 acres including 10 cottages, (including one custom-built cottage coming June 2022), one five-bedroom “Manor House”, one 4-bedroom “Meeting House”, one commercial “Annex” including 3 vacation rental apartments and 2 offices, and the main 3-story, interior corridor, 45 room full-service Inn. Also new in 2022, a 250 person luxury event facility on the grounds of the historic Luray Hospital.

This beautifully restored Inn has a reception area, lobby bar & gift area, full-service restaurant (Circa 1931), full-service pub & bar (Speakeasy), fitness center, day spa, indoor/outdoor meeting & event space, fire pits, two outdoor pools, and hot tub. All guest rooms are non-smoking with a mix of king, queen, double/double, and single beds and include luxury amenities, flat screen televisions, work desks, Wi-Fi, microwave ovens, coffee makers, and individual climate control.

Ten Individual Cottages

The Mimslyn Inn includes a total of four historic cottages on the property. Two of the properties were constructed in 1933. The other two were completed in the early 1970s. Two cottages contain king-sized beds (one cottage has a pull-out sofa), and the other two cottages contain queens with pull-out sofas. Five new cottages were added to the Property in 2016. Four cottages contain queen beds, a loveseat, and a single pullout sofa. The fifth newly constructed cottage is a bridal cottage with a queen poster bed and hot tub. Only one of the five new cottages is handicap accessible. The Owners will place a newly constructed 10th cottage into service in Q2 2022.

Manor House Circa 1933

The The 2,844 sf manor house was built in 1933. It contains five bedrooms, four and a half bathrooms, a full sized kitchen, two dining rooms, a living room, private library, fireplace, and a covered front porch. The house consists of one and a half stories and a basement. The manor house sleeps a total of 16 guests. It has two king beds, four queens, three singles, a bunk bed (two singles), and a pullout sofa.

Annex

• Built 1943

• 2 Story commercial building (7,333 sf) with detached garage, metal roof, concrete foundation, stucco walls, no basement.

• - 1st floor: 2 offices (1 rented to National Park Service)

  • - 2nd floor: 3 apartments

Meeting House

4 BR, 2 1/2 BA

Former Luray Hospital

· ±3 acres behind and contiguous to the Inn

· Former hospital building is 4,398 sf

· A 40’ x 100’ luxury tent has been built on the fully landscaped grounds of the former Luray Hospital and is large enough to hold 250 person events/weddings. It is fully heated and air conditioned and is built on a solid platform with a dance floor, stage, professional lights & sound system. The front landscaped area features a 50’ x 100’ paved patio and water feature.

- Member of Historic Hotels of America

- Management, brand, and debt unencumbered

- 2022 Forecast—Revenue Multiple: 2.2X, NOI Multiple: 6X, Asking Price: <$150,000/key

- Less than a two hour drive from the Washington, DC metropolitan area (2020 Census ±6.5 million), and minutes from Luray Caverns, Skyline Drive, Shenandoah National Park (1.7 million annual visitors), and the Virginia Wine Trail

- Charming historic and scenic community anchored by world famous Luray Caverns (550,000 annual visitors)

- Fully renovated downtown property in “A” condition; over $8 million in renovations since owner’s 2008 acquisition

- 6000 sf of meeting space, two outdoor swimming pools & hot tub, day spa, fine dining restaurant and casual pub

- Renewable City & State promotional grants

- Established reputation with the local community, particularly for unique F&B activities and events

- Upside: Lower operating expenses; enhanced social media & digital marketing, weddings & special events;, nearby recreational opportunities, attract younger clientele from Washington D.C. metropolitan area

- Dramatically increase current average of 22 wedding/year at $32,000 each with new event facility

- Eligible for soft branding with Choice (Ascend) and Wyndham (Trademark)

- Low Cost Seller and USDA/SBA financing available from local community lenders