Ronn Thomas of Cushman & Wakefield was retained by Shree Sahajanand LLC to sell the 119 room full service Best Western Riverfront Hotel.
- The bank appraisal came in extremely low creating financing challenges.
- The property was on a land lease thus reducing the pool of prospective buyers.
- Owners did not want the hotel staff aware that the property was for sale.
- The property was a 40 year old full service hotel that included a waterpark, banquet facilities, restaurant and outdoor patio bar.
- The hotel faced new competition as several new hotels recently opened or were under construction.
- Navigated complicated financing scenarios involving SBA, local banks, partial seller financing and the sale of additional properties.
- Negotiated with the Landlord to get consent & assignment of the land lease.
- Discretely marketed the hotel so that employees were unaware of the sale.
- Found buyers by aggressively marketing the property throughout the upper Midwest.
- Sold property for a maximum value based on waterfront location and perceived upside potential of restaurant business.