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Board rejects Staybridge Suites' request to lower valuation grade; assessor's income approach held
Summary
The hotel's owner asked the Board of Equalization to change the property grade and cap rate applied to their Staybridge Suites near Charlottesville Albemarle County Airport; the board affirmed the assessor's grade 1/limited‑service valuation and 8.5% cap rate.
Ownership and management of the Staybridge Suites at the airport asked Albemarle's Board of Equalization to reclassify the property from grade 1 to grade 3 (or 4) for the county's lodging valuation schedule. The hotel representative argued the property—built in 2019 and an extended‑stay brand—operates in a less desirable market on the north side of town, posts lower ADR and RevPAR than the county's…
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