Detroit Hotel For Sale
Located in an Opportunity Zone which makes this property eligible for preferential tax treatment.
The property recently went through a renovation and therefore the historical occupancy trend for the past 24 months has dropped, however, the recent occupancy trend is strong as this hotel is in a sub-market with high business infrastructure.
Located in the highest growth market of Detroit, MI.
This hotel is for sale at 50% under the replacement value of $40M.
$6M has been put in to renovate the property in the past few years including a remodeled entry and two remodeled restaurants.
The hotel can be re-flagged (no buyout required).
At $84k/key purchase is a great value add opportunity when comparable hotels are selling for $125k/key.
Value upside on management as the current management has historically operated under the market potential during the renovation.
240-guestroom hotel located in a highly desirable, upscale suburban corporate hub directly off of a major Interstate Highway.
The Hotel has recently completed a comprehensive ±$6 million renovation, which will result in only a very modest Change of Ownership PIP for the next owner.
Terms of Sale
• Interest: Leasehold through 2084
• Terms: All cash (no seller financing available)
• Management: Offered free and clear of management contract.
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.