Going once, going twice… two Petersburg hotels up for auction

The last two hotels currently available for purchase in Petersburg will be sold at auction on Tuesday, April 29 at 2 p.m. in the parking lot of 501 E. Washington St. Motley’s Auction & Realty Group will sell the properties at 501 E. Washington St., most recently America’s Best Value Inn & Suites, and 25 […]

April 22, 2008; 5:21 PM • by brenda p

The last two hotels currently available for purchase in Petersburg will be sold at auction on Tuesday, April 29 at 2 p.m. in the parking lot of 501 E. Washington St. Motley’s Auction & Realty Group will sell the properties at 501 E. Washington St., most recently America’s Best Value Inn & Suites, and 25 N. Little Church St., most recently Holiday Inn. Both properties are currently zoned for hotels, apartment buildings, assisted living facilities, as well as other development opportunities. Combined, both hotels feature more than 220 rooms and will be offered together or separately to the highest bidder. The sites and buildings can be previewed Wednesday, April 23, from 4 – 6pm.

“There has been lots of interest in residential properties in Petersburg over the past few years due to the upcoming expansion of Ft. Lee,” said Vandy Jones, director of economic development for the City of Petersburg. “These two properties have excellent potential to become apartments, but they will also offer the flexibility to become office buildings or even continue to be used as hotels, depending on market demands.”

According to the Ft. Lee website and the Virginia National Defense Industrial Authority, the projected impact of the Base Realignment and Closure (BRAC) expansion will bring an additional 6,000 military personnel, spouses and children, an influx of more than 5,000 civilian contractors and their families, as well as approximately 200 temporary construction workers needed to complete building construction.

These two properties are located immediately off I-95 (Exit 52) at the junction of I-85, 20 minutes south of Richmond and 2.2 miles away from Ft. Lee. They offer easy access to I-295, I-64 and U.S. Rt. 460. The I-95 traffic count for vehicles per day at this exit is 77,000, and the count for E. Washington St. is 13,000.

The property at 501 E. Washington St. offers 173 rooms and 1.77+/- acres. This hotel has been turned into a shell building with all debris removed from the site. The new owner will be able to begin renovation upon closing on the property.

The second property at 25 N. Little Church St. offers 48 rooms and 1.93+/- acres. Interior renovation is currently in progress and will be substantially complete at the time of the auction.

Motley’s offers participants many ways of bidding at their auctions, including absentee and live phone bidding. For more information on the sale of these two properties, call 804-355-2100 or visit their website at www.motleys.com.

April 22, 2008 5:21 PM 0