美国爱荷华州德梅因房产的该物业将于8月13日星期一至8月15日星期三进行拍卖。标示起拍价为650,000美元。
The Howard Johnson Burlington is an interior/exterior corridor mid-scale hotel with 96 rooms, located in Burlington, Iowa. This two-story hotel was built in 1965 and renovated in 2015. There are an additional 60 rooms out of service currently on a second exterior wing that could be repurposed or redeveloped by the new owner. The property features a New Orleans style atrium with full Tiki Bar and patio-style dining area at the center of the hotel. The atrium area has a large heated swimming pool and spa, along with arcade games, and billiard tables, making it unique for the area and the only hotel to feature such amenities.
There is also a separate ballroom and banquet facility that can be marketed for local events or functions in the community. The property has a large fitness center and gym area that is not in use with multiple machines and equipment. Additionally, there is a value-add potential with the additional 60 rooms out of the total 156, that are currently out of service.
Capital improvements (over $200,000 in the past 24 months) have been made as needed including a new roof (main building) in March of 2016, LED lighting throughout the hotel, new electrical wiring on the interior rooms and work that was completed on the side/facade of the property. Also, in June of 2015, there were 20 rooms added and brought back into service on the exterior portion to bring the count of rooms in service to 96 ($300,000 expense). The hotel has an absentee owner and the expenses are high, mainly on supplies and payroll. There is opportunity for a more hands-on owner/operator or family to take advantage of this property/banquet hall and increase the NOI by reducing multiple expenses.
Please visit the Hotel's Events Page for more information. This property will be auctioned on Monday, October 15 - Wednesday, October 17 . The price displayed is the starting bid amount of $650,000. For information and to register to bid on this property, please visit Ten-X.com.