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.
“This is a very rare and unique portfolio because of the water park element,” a source close to the deal tells GlobeSt.com. “We’ve never really seen a portfolio like this one before.”
The portfolio includes:
- Holiday Inn in Waterbury, CT; 282 rooms
- Best Western in Rockford, IL; 245 rooms
- Courtyard by Marriott in Fitchburg, MA; 245 rooms
- Holiday Inn in Kansas City, MO; 369 rooms
- CoCo Key Hotel and Water Resort in Omaha, NE; 383 rooms
- Marriott in Mount Laurel, NJ; 282 rooms
- Crown Plaza in Cincinnati, OH; 257 rooms
- Fairfield Inn in Cincinnati, OH; 95 rooms
- Cherry Valley Lodge in Newark, OH; 200 rooms
- CoCo Key Hotel and Water Resort in Orlando, FL; 391 rooms
This is the second Jones Lang LaSalle Hotels exclusive hotel auction, which follows an auction event in November 2010 that cleared more than $300 million of hotels for various financial institutions.
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