1240 Lucky Penny St Charlotte, NC 28208

This 153-key hotel in Charlotte, NC, presents a compelling value-add opportunity. The property, encompassing four buildings totaling 62,076 square feet on a 4.85-acre lot, boasts 98% occupancy. Built in 1973 and extensively renovated in 2024, the two-story, exterior-corridor property features a mix of rooms and suites, many exceeding 312 square feet, offering potential for kitchenette additions. Amenities include a 250-square-foot meeting room, guest laundry, and an outdoor pool. Recent upgrades include new LVP flooring, fresh paint, updated plumbing, new PTAC units, and furniture in most rooms. New exterior LED lighting and a DVR camera system have also been installed. Currently operating with daily and weekly rates, the property benefits from its strategic location off I-85, just four miles from Charlotte Douglas International Airport, the Charlotte Convention Center, Truist Field, and the Aviation Museum. The property is zoned B2 and offers significant upside potential given Charlotte's robust economy and rapid growth. The asking price is $11,000,000, translating to $177.20 per square foot. 103 units have been approved for conversion to multi-family studios. This presents a unique chance to capitalize on the thriving Charlotte market. The fee-simple ownership provides complete control and flexibility for future development and operational strategies.