Property Tour and Contact Detail Information: The formal tour dates for the hotel will be Tuesday 4/4/2017 and Wednesday 4/5/2017 from 9:00 am to 6:00 pm MST so please give the broker a call or send him an email to confirm a tour time and date. If you cannot make either of those dates and would like to make a special request for a time to view the property please give the broker a call so that to set this up. Investment Highlights: * 60 Day Close of Escrow for the Winning Bidder * Property Revenues are Strongly Trending Upwards, up 22.1% in 2016! * Hotel Revenues Up 13% for the first two months of 2017 with no signs of slowing down! * Starting Bid Much Below Replacement Cost. * Intercontinental Hotel Group willing to extend a 10 year license to Qualified Investor. * Hotel is currently experiencing tremendous revenue growth due to the implementation of new management and marketing strategies. * Meeting Space that can accommodate up to 200 People. * Highway Visibility and Exposure located right of the I-17. * Hospitals and Corporate Headquarters Nearby. Investment Overview: The Holiday Inn North Phoenix is a 174-room Full Service Hotel with a Restaurant, Bar, and Conference Space. In prior years due to the lack of experienced management at the property it had struggled in gaining its fair market share being consistently below its competitive set in RevPAR, ADR, and OCC, but seeing increasing market share gains month over month in recent times. In late 2015 and 2016, due to new management strategies at the property coupled with the opening of the restaurant and bar, this hotel has started to make a tremendous come back in its market, up 22.1% in RevPAR in the running 12 months, and another 13% in the first couple of months of 2017 with no signs of slowing down. With the opening of the restaurant and bar this property now has the ability to compete for large group bookings which require food and beverage services and an onsite catering option. When looking at the revenues for this hotel investors will notice a distinct upward climbing trend for 2015, 2016 and continuing into 2017 while the property begins to stabilize due to improved operation fundamentals coupled with a pickup in the immediate market. Another huge positive for the market and this property is the recent transition of two direct competing hotels in the immediate market that are converting property use, going from a hospitality asset to assisted living providing less competition in the market. Currently there is a great opportunity for an experienced full service operator to take advantage off by turning around the optimizing restaurant operations and stabilizing food and beverage revenues at this property. While the hotel revenues continue to rise, performing very well, providing good returns, the newly opened Pickleback Bar and Grill has taken time to catch on due to the current ownership's lack of knowledge and experience in restaurant operations which in turn has eaten away at the hotels NOI. Now with their implementation of a new menu and providing catering to groups at the hotel, the future is looking bright for this eatery. This property will be auctioned on Tuesday, April 25 - Thursday, April 27 . The price displayed is the starting bid amount of $2,500,000. For information and to register to bid on this property, please visit Ten-X.com.
