CHICAGO-Ten full-service and limited-service water park hotels located throughout the Midwest and Northeast are scheduled for auction next month. Jones Lang LaSalle Hotels and its partner Auction.com are handling the auction, which will be conducted from February 15 to 17.
The hotels, which are available for purchase either individually or as a portfolio, are affiliated with InterContinental Hotel Group, Marriott, Best Western or operated independently of a national franchise. Each property features a new water park component, upwards of 50,000 square feet, which is operated under the CoCo Key Water Resort brand, one of the largest indoor water park franchises in the US.
Total replacement cost on this portfolio is estimated to be well north of $450 million. Starting bids range from $500,000 to $5 million per property.
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