Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! This property is currently listed as unpriced. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms. Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors for sale the Wyndham Garden Norfolk Downtown at 700 Monticello Ave, Norfolk, VA 23510 (hereafter, the “hotel” or the “property”). The Wyndham Garden hotel is located on a 3.65-acre lot and is offered with fee-simple interest. The hotel is a 204-unit, interior-corridor, 12-story, full-service asset located on Monticello Avenue at the intersection of Route 58-Brambleton Ave (27,309 Vehicles Per Day) and Route 460-Saint Pauls Blvd (22,385 Vehicles Per Day). The hotel was built in 1951 and extensively renovated in 2024. The site is located in the Southwest quadrant of downtown Norfolk 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 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. Norfolk has also welcomed a year-round cruise service. The city is expecting around 300,000 passengers (total) and the city is expecting a ship in port every week. Hotels in the area are offering “park-and-cruise” options for passengers who stay the night in Downtown Norfolk before boarding the cruise. (Norfolk debuts all-year cruise service with $12 million renovation, hotel deals). The City of Norfolk also will be getting a new casino. In October 2024, a groundbreaking ceremony was held. In December, it was announced that viewers should expect to start seeing construction activity at the site. It is reported that the casino will open by late 2027. (Work expected to begin on Norfolk casino in January). A wide variety of alternative uses may be attainable for an investor seeking adaptive re-use opportunities given the hotel’s location in the D-AD: 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 acts, crafts, design, fashion, live performance, music, publishing, radio, and television. An adaptive re-use 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. The offering presents a new owner with the opportunity to enter a renovated, full-service hotel with significant upside through hands-on, aggressive sales and management techniques to bring the property towards competitive set RevPAR levels. In 2024, the hotel achieved room revenues over $4.5 million, and the total revenue was over $5.1 million. The property was recently renovated in 2024. As a result of the renovation, a new prospective purchaser can capitalize on leveraging the superior quality of the guest rooms to increase market share via RevPAR penetration. In 2024, the hotel achieved RevPAR of $60.71 compared to the competitive set RevPAR of $80.98, contributing to a RevPAR penetration index of 75%. The hotel’s STR-defined competitive set includes the following hotels: Holiday Inn Virginia Beach Norfolk, La Quinta Inn by Wyndham Norfolk Virginia Beach, Sheraton Norfolk Waterside Hotel, DoubleTree by Hilton Hotel Norfolk Airport. Disclosure: Prashant Merchant owns or has an ownership interest in this property and is acting as an owner/agent.