Detroit Hotel For Sale, Great Lakes - Big Rivers Region

Property Description

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.

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