Merchant Hotel Group at Colliers Hotels US, as an exclusive representative of the seller, is pleased to present to qualified investors for sale the Wyndham Garden Norfolk Downtown at 700 Monticello Avenue, Norfolk. The Wyndham Garden hotel is a 204-unit, interior corridor, 12-story, full-service asset, located on a 3.65-acre lot. The hotel was built in 1951 and renovated in 2016. The site is immediately across from the Norfolk Scope Arena, a 13,800-person capacity theatre and Chrysler Hall, a 2,500-person capacity theatre hosting more than 150,000 patrons per year. The property is located within close proximity to the Central Business District of Norfolk downtown near MacArthur Center Mall and has quick access to Interstate-264. The full-service hotel features a variety of amenities including a 75-person capacity restaurant and lounge, outdoor swimming pool, fitness center, and a sundries shop. The property boasts 15,000 square feet of banquet space and commercial office spaces. The hotel offers 322 total parking spaces spread amongst surface lots and an underground parking garage. Currently, two of the floors of the hotel are vacant, and can be converted to additional units.
A wide variety of alternative uses may be attainable for an investor seeking adaptive re-use opportunities given the hotel’s location in the Downtown Arts and Design district which, per the City of Norfolk permits a wide range of intensive multifamily, commercial, civic, institutional and office uses which are intended to support creativity, skill, and talent in fine arts, creative arts, advertising, architecture, antiques, culinary arts, crafts, design, fashion, live performance, music, publishing, radio, and television. An adaptive reuse opportunity becomes especially feasible to an investor capable of utilizing the available historic tax credits. Per the Commonwealth of Virginia’s Department of Historic Resources, the property, which is listed on the Virginia Landmarks Register and the National Register of Historic Places, is a certified historic structure which qualifies for State Rehabilitation Tax Credit.
Prospective investors are encouraged to evaluate the hotel from a variety of different uses: A) continued usage of the hotel under the Wyndham Garden franchise agreement, B) potential re-branding of the hotel to a single or dual-branded franchise which may better serve the high-barrier-to-entry downtown market, or C) explore alternative uses such as multifamily residential.
Contact Prashant Merchant or Nicholas Wade at Colliers for more information or click here.