parisian - hff
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RARE +/- .82-ACRE FULLY ENTITLED HOTEL DEVELOPMENT OPPORTUNITY - DOWNTOWN ASHEVILLE, NC
PARISIAN H O T E L S I T EASHEVILLE, NORTH CAROLINA
THE INVESTMENT OPPORTUNIT YRare +/- .82-Acre Fully Entitled Hotel Development Opportunity - Downtown Asheville, NC
Holliday GP Corp. a North Carolina licensed real estate broker (“HFF”) has been retained as the exclusive sales representative for the sale of the Parisian Hotel Site, a rare .82-acre parcel within the thriving Downtown Asheville, NC submarket. Ideally situated within the heart of Downtown Asheville, the Parisian Hotel site is the only entitled hotel development opportunity in the downtown market. With full entitlements in place within a high-demand market, The Parisian Hotel Site is well-positioned for high-end hotel development in a luxurious submarket known for long term sustainability, massive tourism, and walkability to desirable amenities.
E XECUTIVE SU M M A RY
PROPERTY DETAILSAddress 68 Patton Ave
Asheville, NC 28801
Buncombe County PINs 964930517400000,964839677600000
Municipality City of Asheville
Gross Acreage (approx.) PIN - 964930517400000 - .28 acresPIN - 964839677600000 - .48 acres
Zoning PIN - 964930517400000PIN - 964839677600000
Hotel Entitlements Up to 61 Keys
Site Conditions PIN - 964930517400000 - Office BuildingPIN - 964839677600000 - Vacant Parking Lot
R ADIUS 3-MILE 5-MILE 7-MILE
2018 Population 10,353 54,498 101,841
Census Population (2000) 9,003 44,941 83,721
Avg Household Income $52,552 $61,317 $65,290
Median Age 35 38 39
% College Education or Higher 72.93% 75.18% 72.15%
Total Businesses 2,629 6,190 8,212
Consumer Expenditure $238.53 M $1.27 B $2.46 B
PARISIAN HOTEL SITESURROUNDING DEMOGRAPHICS
Riverside Cemetery
ASHEVILLE
MONTFORD HILLS
WECAN
HILLCREST
FIVE POINTS
MOUNTAINBROOK
MURDOCK-LINDEN
CHESTNUT HILLS
ALBEMARLE PARK
CHARLOTTE STREET
HUSTON-COURTLAND
HISTORIC MONTFORD
KENILWORTH FOREST
CLAXTON COMMUNITY
SOUTH FRENCH BROAD
DOWNTOWN ASHEVILLE
EAST END-VALLEY STREET
HENRIETTA-SPEARS STREET
§̈¦240
§̈¦26
Riverside Dr
Patton Ave
S C
harlo
tte S
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Haywoo
d Rd
Broadway St
evA ero
mtliB
Hillside St
Cha
rlotte
St
tS na
myL
Depot S
t
Clin
gman
Ave
College S
t
Elm St
N Lexington A
ve
Woodfin Pl
College St
UV251
UV694
French Broad River
Hill St
Montford Ave Flint St
Hilliard Ave
Pearson Dr
Chu
nns
Cov
e R
d
Em
ma R
d
Coxe A
ve
Cumberland Ave
dR htro
wli neK
Ash
elan
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ve
S F
renc
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road
Ave
Hillside St
Mt C
lare Ave
Bla
nton
St
Beaucatcher Rd
Haywood S
t
Choctaw St
Cherokee Rd
E Chestnut St
Piney M
ountain Dr
Craven St Alexander Dr
Dea
ver
St
Win
dsw
ept D
r
Way
nesv
ille
Ave
Aurora Dr
Ardmion Park
Zilli
coa
St
S L
exin
gton
Ave
Wes
twoo
d P
l
Murdock Ave
White Pine Dr
Res
ervo
ir R
d
Riv
ervi
ew D
r
Sunset D
r
£¤70
£¤25
£¤70 6
6
6
5A
3B
25
5A
4B4A
5B
4C
4C
4A
Source: Regis
2 | EXECUTIVE SUMMARY
26240
OVER 11 MILLION PEOPLE VISITED ASHVEILLE (POPULATION 90,000) INCLUDING 4 MILLION OVERNIGHT GUESTS. In 2017
PARISIAN HOTEL SITEDOWNTOWN ASHEVILLE
PARISIAN HOTEL RENDERING
3 | EXECUTIVE SUMMARY3 | EXECUTIVE SUMMARY
PARISIAN HOTEL SITE
The Parisian Hotel Site is strategically located with the dense Downtown Asheville market, which currently has a moratorium on additional hotel development. This site’s entitlements for up to 61 keys are in-place and were grandfathered in before the moratorium went into effect. This is truly the only hotel development opportunity in the entire urban core. With a robust tourism market, excellent entitlements in place, and a moratorium on additional hotel development outside of this site, The Parisian hotel development opportunity is an extremely rare chance to take advantage of one of the best hotel markets in the country.
T H E O F F E R I N G
PRITCHARD PARK DOWNTOWN ASHEVILLE
4 | EXECUTIVE SUMMARY4 | EXECUTIVE SUMMARY
PRITCHARD PARK
INVALUABLE ADJACENCY TO PRITCHARD PARK
DOWNTOWN ASHEVILLE
5 | EXECUTIVE SUMMARY
Long ranked as one of the best places in the nation to visit, retire, or live in the nation, the urban vibes of Asheville add a different element to the resident of Cliff Tops. Cultivated by urban sophistication, cultural diversity, and relaxed mountain atmosphere, the City of Asheville has draws to many different ages and types of individuals. While a mild climate is one of the primary draws to Asheville, a variety of world-class restaurants, shops, universities, art culture, and resorts appeal to a myriad of individuals. Asheville is truly a destination where residents can enjoy the privacy and serenity of an executive mountaintop home, while also having close proximity to an urban core with limitless culture and activities.
ASHEVILLE north carolina
Global Traveler (2018)
FOODIE CITY
NO. 1
Lonely Planet (2017)
BEST US DESTINATION
NO. 1
Smartasset.com (2016)
BEST CITY FOR BEER DRINKERS
NO. 1
Airbnb (2018)
MOST HOSPITABLE US CITIES
NO. 1
Travel & Leisure (2017)
BEST SMALL TOWNS TO VISIT IN USA
NO. 3
ashevillethe peak of living
5 | EXECUTIVE SUMMARY
HUNTER BARRON Senior Director 704.526.2840 [email protected]
investment advisors
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp a North Carolina licensed real estate broker (“HFF”).
Seller will be selling the Property on an “as-is, where is” basis and will not be making any representations or warranties regarding the condition or suitability of the property.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
201 NORTH TRYON STREET | SUITE 1400 | CHARLOTTE, NORTH CAROLINA | 28202
4242 SIX FORKS ROAD | SUITE 876 | RALEIGH, NORTH CAROLINA | 27609
financial advisor
JOHN MIKELS Real Estate Analyst 919.573.4648 [email protected]
analysts
CHRIS LINGERFELT Senior Director 704.526.2808 [email protected]
CORY FOWLER Senior [email protected]
ALOFT ASHEVILLE DOWNTOWN
FOUNDRY HOTEL ASHEVILLE, CURIO COLLECTION BY HILTON
HYATT PLACE DOWNTOWN ASHEVILLE
HOTEL INDIGO DOWNTOWN ASHEVILLE
THE WINDSOR BOUTIQUE HOTEL
AC HOTEL DOWNTOWN ASHEVILLE
CAMBRIA HOTEL DOWNTOWN ASHEVILLE
PATTON AVE
PARISIAN HOTEL SITE
ARRAS RESIDENVESHigh-End Condos$500,000 - $2,500,000
COMMERCE ST
240
US CELLULAR ENTERTAINMENT COMPLEX
PACK SQUARE PARK
ONE WORLD BREWING
WICKED WEED BREWING
TWIN LEAF BREWERY
HI-WIRE BREWING
ASHEVILLE BREWING COMPANY
RED GINGER DIMSUM & TAPAS
CURATE
LIMONES RESTAURANT
THE BLACKBIRD RESTAURANT
TUPELO HONEY
PRITCHARD PARK
DOWNTOWNASHEVILLE
ALEXIS KAISER Real Estate Analyst 704.526.2867 [email protected]