PROJECT OVERVIEW
Ronn Thomas of Cushman & Wakefield was retained by Shree Sahajanand LLC to sell the 119 room full service Best Western Riverfront Hotel.

CHALLENGES

• 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.

RESULTS

• 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.