Pikeville College receives major real estate gift

Pikeville College is the proud new owner of the Days Inn in Pikeville, thanks to the generosity of a Louisville company who recently made the most valuable real estate gift in the College’s history.
Musselman Hotels owns 15 hotels in Kentucky, literally reaching from Pikeville to Paducah. The family-owned company recently donated the Days Inn on the South Mayo Trail to the College.

“We have been talking with the Musselman family about this unique gift for three or four years,” said Pikeville College President Hal Smith. “One of our trustees, Bill Malone, has known the family for many years and mentioned to them in passing that Pikeville College could put this property to good use. They were receptive to the idea and after a great deal of preliminary work, we recently accepted title to the property.”

Smith said the College does not intend to operate the property as a motel, but instead is exploring the feasibility of renovating it to provide a modern apartment community with efficiencies, one- and two-bedroom apartments for faculty, staff and School of Osteopathic Medicine students.

“The growth and success of Pikeville College and the School of Osteopathic Medicine has had a significant positive economic impact on Pikeville’s economy,” said Smith. “This property will allow us to provide additional quality, affordable housing for our College family as we continue growing to meet the needs of the community and region. This generous act by the Musselman family will benefit the College, community and region tremendously.”

Valued at approximately $2.3 million, the Days Inn has been operating with 100 units. The property and buildings donated to the College and adjoining property also include a restaurant and swimming pool.

“We are pleased to have the opportunity to make this gift to Pikeville College,” said Chester Musselman, president of Musselman Hotels. “The College has been very important to Pikeville and East Kentucky over the years. Hopefully, this property will enable the College to continue its impressive growth and important mission.”

Smith said Malone’s involvement was critical to the company’s decision to make the gift to the College. Malone, a Louisville CPA, is a native of Floyd County and a long-time supporter and trustee of the College.

“We certainly appreciate the Musselmans for their outstanding generosity, and we know that Mr. Malone’s involvement was the key factor which helped secure the gift,” said Smith. “He is a great example of the kind of outstanding, committed people who care about and support Pikeville College.”