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News

Hilco Real Estate Announces the Sale of Three Turnkey Hotels in Minot, S.D., Glendive, Mont., and Madison, Wisc.

Aug 12, 2019

Three Turnkey Hotels

As one of the industry’s most accomplished authorities on real estate dispositions, including the sale of full-service and limited-service hotels, Hilco Real Estate, LLC is pleased to announce August deadlines for the sale of three turnkey hotel properties, all of which boast great income opportunity and well-trafficked locations.

With an offer deadline of August 16, the 68-room Country Inn in Minot, N.D., was built in 2011 and recently appraised at $4,647,000. Common amenities include a heated indoor pool with hot tub, fitness center, business center, continental breakfast area, lounge with fireplace, meeting rooms, ample parking for buses, trucks and RVs, and guest laundry. It is conveniently located off I-83 and is close to nearby top attractions that include Minot State University, a water park, mall and theater. In 2018, this property’s gross room revenue was $1,051,786, making this a great revenue opportunity for any buyer.

The 89-room Astoria Hotel & Suites in Glendive, Mont., built in 2012, is approved for conversion to Hampton Inn, Best Western and other major flags and includes common amenities such as an indoor pool, business center, lobby with fireplace, breakfast buffet area and outdoor patio with grill. The property is located near a popular local museum and fairgrounds; additionally, the Keystone Pipeline is expected to be built and pass through Glendive, which is projected to attract further business to the area. The offer deadline for the sale of this property is August 23.

The 152-room Comfort Inn & Suites in Madison, Wis. has an offer deadline of August 30 and has an ideal location close to the Dane County Regional Airport, downtown Madison and the University of Wisconsin campus. Common amenities include a heated indoor pool with hot tub, fitness center, business center, lounge and breakfast area. The gross room revenue in 2018 for this hotel was $2,803,141, demonstrating proven profitability for an interested buyer.

James Keith, Hilco Real Estate Managing Director, said, “The sales of these properties are great opportunities for buyers to purchase premier, income-producing hotel sites in great locations.”

Keith continued, “We have tremendous interest in these properties and only expect buyer interest to increase – largely due to the properties having updated amenities and infrastructure already in place. A successful buyer can also add value to an already existing solid revenue.”

Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. For more information regarding the sale process, please contact Chet Evans at 847.418.2702 or James Keith at 270.304.1020. Interested buyers can submit their bids via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to cevans@hilcoglobal.com.

For further information on the property, an explanation of the sale process and Terms of Sale, and to obtain access to the Virtual Deal Room containing all property due diligence, please visit HilcoRealEstate.com or call (855) 755-2300.

For more information please visit HilcoRealEstate.com.

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