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Richfield Affiliate buys Radisson Hotel

MOLINE, IL-Moline Radisson LLC, an affiliate of the Colorado company, purchased the 162-room hotel from Ryan Moline LLC, an entity controlled by Ryan Cos.

By Cari Brokamp | Updated on October 31, 2008

MOLINE, IL-Moline Radisson LLC, an affiliate of Colorado-based Richfield Hospitality, has acquired the 162-room Radisson Moline from Ryan Moline LLC, an entity controlled by Ryan Cos. out of Minneapolis. The Radisson Moline offers 56 suites and 106 other guest rooms, an indoor swimming pool, business center, fitness center, and more than 2,000 sf of meeting space. The property offers a cap rate of 10%, says Adam McGaughy, an EVP for Jones Lang LaSalle Hotels.

“The Radisson is the nicest hotel in all of this Quad Cities area,” McGaughy tells GlobeSt.com. “It fits well within their portfolio. They have a number of other well-performing Radisson hotels in their portfolio and a regional focus on the Midwest.” McGaughy declined to disclose a purchase price for the property. In the only other hotel deal in the area this year, the 102-room Super 8 at 2501 52nd Ave. in Moline, built in 1979, was sold for $2.9 million.

Ryan built the Radisson in 1997, and has been operating it ever since. However, McGaughy says the company was happy to get it off of its books. “They’re not hotel operators at all,” McGaughy says. “They’re a construction company, and this was one of only two hotels they own. It didn’t fit within their long-term strategic portfolio.”

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