I've been looking at STR opportunities up-and-down the Shenandoah Valley and have been considering properties in Massanutten, a self-described four season tourist destination. The market analysis on AirDNA and Mashvisor appears positive, but wanted to reach out to the larger BP community to see if anyone has thoughts/recommendations on this specific area. Thanks!
One thing to keep in mind around the ski resorts is that there are a TON of STRs around them. I am a little less familiar with Massanutten but around wintergreen there are so many STRs that they tend to have terrible occupancy rates and lower ADRs because of the competition.
This doesn't mean it is impossible, it just means that you will need to find a way to stand out against your competitors. Can you have better interior design? Maybe you have a hot tub and others don't. If they have hot tubs, maybe you put in a sauna. Maybe you can add in a theater room or game room to distinguish yourself. Give them a reason to book your STR over others and you can make it work.
Hey @John Strobridge please reach out to @Michael H. Cook he's an expert in this space and has sold 15+ Massanutten STR's just like you are describing.
One thing to keep in mind around the ski resorts is that there are a TON of STRs around them. I am a little less familiar with Massanutten but around wintergreen there are so many STRs that they tend to have terrible occupancy rates and lower ADRs because of the competition.
This doesn't mean it is impossible, it just means that you will need to find a way to stand out against your competitors. Can you have better interior design? Maybe you have a hot tub and others don't. If they have hot tubs, maybe you put in a sauna. Maybe you can add in a theater room or game room to distinguish yourself. Give them a reason to book your STR over others and you can make it work.
Have you looked into local STR regulations? If so, make sure you do. I live in Northern VA and looked into investing in the Shenandoah area but the regulations didn't fit the strategy
Hey Jamie, @Michael H. Cook has written a few great blogs exactly on the topics you are discussing. It's county to county and some are very conducive to STRs!