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Best
Western
Plus,
Sterling
Heights
to be
sold at
online
auction
CHICAGO,
IL -
CBRE
today
announced
that a
246-room
full-service
hotel
located
at 34911
Van Dyke
Avenue,
Sterling
Heights,
Michigan,
and
currently
flagged
a Best
Western
Plus,
will be
offered
for sale
through
an
online
auction
to take
place
Friday,
October
24,
2014.
The
opening
bid is
$2,000,000
or
approximately
$8,130
per
room.
The use
of the
Best
Western
name is
subject
to
application
to and
approval
by Best
Western
International,
Inc. The
auction
is being
managed
by CBRE
Auction
Services.
The
hotel
generates
over $7
million
of
annual
revenue
from a
diverse
guest
base.
Surrounded
by
national
and
multi-national
corporations
such as
Chrysler,
Ford,
and
General
Dynamics,
the Best
Western
Plus
generates
stable
mid-week
activity
from the
business
community.
In
addition,
the
hotel’s
32,000
sq. ft.
waterpark
regularly
draws
leisure
guests,
and its
15,000
sq. ft.
ballroom
attracts
significant
group
demand
with
over a
100
weddings
annually.
The Best
Western
Plus is
situated
on
approximately
14
acres,
offering
prospective
buyers
multiple
re-development
opportunities.
Sterling
Heights,
MI, is a
Northern
suburb
of
Detroit
in
Macomb
County.
The city
has a
population
of
approximately
129,000.
“This
well
located
hotel
generates
significant
revenue
due to
its
business,
leisure,
and
group
demand,
which is
driven
by a
number
of
factors
including
its
location
near
major
corporations,
32,000
sq. ft.
indoor
waterpark,
and
15,000
sq. ft.
ballroom.”
remarked
Douglas
Johnson,
managing
director,
CBRE
Auction
Services.
According
to Nate
Sahn,
senior
vice
president,
CBRE
Hotels,
“With
one of
the
largest
ballrooms
in the
entire
Detroit
Metro
Area and
its
indoor
waterpark,
the Best
Western
has a
distinct
competitive
advantage
over all
other
hotels
in the
market
for
capturing
larger
group
and
higher
rated
leisure
demand.
In
addition
to these
attributes,
a full
guestroom
renovation
should
allow
new
ownership
the
opportunity
to
significantly
increase
weekday
corporate
transient
demand.”
The
auction’s
initial
bidding
registration
deposit
of
$150,000
is
required
in order
to
participate.
Property
inspections
will be
held by
appointment
only.
CBRE
representatives
are to
answer
questions
about
the
auction
process
and
procedures,
as well
as the
property.
Following
execution
of a
non-disclosure
agreement,
detailed
property
information
will be
available
for
review
including
the
purchase
and sale
agreement.
For this
and
other
information
about
the
auction,
including
the
terms
and
conditions
of the
auction
and a
brochure,
prospective
bidders
should
visit
www.cbre.com/auctionservices,
or call
CBRE
Auction
Services
at
800-815-1038.
Led by
Douglas
Johnson
and
Patrick
Connell,
CBRE
Auction
Services
assists
lenders,
investors
and
other
owners
in the
disposition
of
commercial
real
estate
assets.
The
group
joins
forces
with
experts
in each
of
CBRE’s
business
lines to
develop
a
comprehensive
marketing
program
designed
to
achieve
client
goals
and the
selling
of the
asset(s)
on a
date
certain.
More
information
on CBRE
Auction
Services
can be
found at
www.cbre.com/auctionservices.
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