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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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