CBRE Auctions - CBRE Marketplace
CBRE Auctions - CBRE Marketplace
CBRE Auctions - CBRE Marketplace
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<strong>CBRE</strong> <strong>Auctions</strong><br />
Capital Markets | Auction Services<br />
Auction :: JULY 25<br />
Former Holiday Inn<br />
Chicago - Hinsdale - Willowbrook<br />
7800 Kingery Highway | Willowbrook, IL<br />
TO BE SOLD TO THE HIGHEST BIDDER AT OR ABOVE ::<br />
$3,000,000 OR $13,640 PER KEY<br />
Operating 220-Room Full-Service Hotel<br />
:: Brochure
Former Holiday Inn | Chicago - Hinsdale - Willowbrook<br />
INVESTMENT SUMMARY<br />
On Thursday, July 25th, 2013, <strong>CBRE</strong> Auction<br />
Services is pleased to present for auction the former<br />
Holiday Inn Chicago-Hinsdale-Willowbrook located<br />
at 7800 Kingery Highway in Willowbrook, Illinois.<br />
The 220-room full-service hotel is currently operating<br />
and is being sold to the highest bidder at or above<br />
$3,000,000. The hotel benefits from excellent<br />
accessibility and visibility from Interstate 55 at the<br />
Kingery Highway interchange. Interstate 55 provides<br />
direct access to downtown Chicago, Midway Airport,<br />
and all other southwest Chicago suburbs.<br />
INVESTMENT HIGHLIGHTS<br />
• Operating 220-room, 3-story, interior corridor, fullservice<br />
hotel with restaurant, bar, outdoor pool and<br />
beautiful atrium<br />
• Strong location proximate to numerous corporate<br />
demand generators including McDonald’s HQ,<br />
Dominick’s HQ, Newell Rubbermaid, Ace<br />
Hardware HQ, Argonne National Laboratory and<br />
over 100 million SF of office and industrial space<br />
• Delivered unencumbered of brand and management<br />
agreement; Numerous branding options available<br />
including Clarion, Ramada and Wyndham Garden.<br />
Holiday Inn may also be available upon completion<br />
of conversion PIP, which is available for review in the<br />
Document Center<br />
• The hotel’s ±12,800 SF of meeting space makes<br />
the property an ideal choice for corporate and<br />
leisure group demand as well as an ideal wedding<br />
destination for residents in the surrounding area<br />
• Significant opportunity exists for new ownership to<br />
increase revenues by narrowing the large occupancy<br />
and ADR gap that currently exists between the<br />
subject hotel and its competitors. For the 12 month<br />
period ending March 2013 the hotel trails the<br />
market by 14 percentage points in occupancy<br />
(43% versus 57%) and $10 in average rate<br />
($89 versus $99). The competitive set continues<br />
to demonstrate strong growth as it realized a RevPAR<br />
increase of 11.6 percent during the 12 month<br />
period ending March 2013, a testament to the<br />
strong local economy.<br />
• Well-located at the Kingery Highway/Route 83<br />
exit off Interstate 55; 25 miles southwest of<br />
downtown Chicago
PROPERTY DESCRIPTION<br />
Address:<br />
Building Type:<br />
7800 Kingery Highway<br />
Willowbrook, IL 60527<br />
Full-Service Hotel<br />
AREA OVERVIEW<br />
Chicago is the third-largest metropolitan area in the United<br />
States and the primary commercial services center in the<br />
Midwest. Twenty-eight Fortune 500 companies are based<br />
in the Chicagoland area, and, according to World Business<br />
Chicago, 96 major publicly traded companies have<br />
headquarters in Chicago.<br />
Year Built: 1970 with additions in 1978<br />
and 1984<br />
Guest Rooms: 220<br />
Gross Building Area: ±128,271 SF<br />
The city maintains an outstanding transportation and<br />
distribution system that allows corporations and other<br />
organizations to do business effectively on a global,<br />
national, state and local level. It is served by an extensive<br />
highway system, four major commuter rail stations, and<br />
one of the nation’s most elaborate and convenient rapidtransit<br />
systems.<br />
Banquet Room Area: ±12,836 SF<br />
Land Area: ±6.89 Acres<br />
Parcel ID: 09-26-402-028<br />
Zoning: B-4 – Highway and Service<br />
Business<br />
Floors: 2 and 3<br />
Parking: 383 spaces
Capital Markets | Auction Services<br />
See. Bid.Own.<br />
Former Holiday Inn :: Chicago - Hinsdale - Willowbrook<br />
Auction Day<br />
The property will be offered “Minimum Bid” in an open<br />
outcry auction with live webcast bidding. The auction<br />
will take place on Thursday, July 25th at 12:00pm<br />
(Noon) CT.<br />
JUl<br />
25<br />
Thursday, July 25th<br />
Registration: 11:00am CT<br />
Auction: 12:00pm (Noon) CT<br />
Location: Former Holiday Inn<br />
7800 Kingery Highway<br />
Willowbrook, IL<br />
Property Inspection<br />
The property will be available for inspection at<br />
10:30 a.m. CT, on the following dates:<br />
July 10th July 17th July 23rd<br />
Please note: All property inspections require registration with<br />
<strong>CBRE</strong> and begin promptly. Please arrive at the designated<br />
meeting place a few minutes early to complete the required<br />
inspection registration form. To register for a property<br />
inspection or for any questions please call <strong>CBRE</strong> Auction<br />
Services at 800-815-1038. <strong>CBRE</strong> Auction Services represents<br />
the Seller in this transaction. Do not contact the Seller directly.<br />
Document Center<br />
A Document Center has been made available for your convenience to review the available property specific information. The Document<br />
Center contains property information which typically includes: Purchase and Sale Agreement, Preliminary Title Commitment, Financial<br />
Statements, Tax Bills, Environmental Report, Survey, Zoning Information and other pertinent property information. All bidders are<br />
required to purchase access to the Document Center as a condition of the auction. The Document Center access fee is $30 and may be<br />
paid by credit card on the auctioneer’s website at www.cbremarketplace.com/WillowbrookHotel. Bidders will be required to execute<br />
a document indicating that, among other things, they have purchased access to the Document Center and have had the opportunity to<br />
review the items contained therein.<br />
Initial Earnest Money<br />
In order to be eligible to bid, all bidders are required to present the Initial Bidding Registration Deposit in advance by wire transfer,<br />
cashier’s or certified check in the amount of $150,000 made payable to the title insurance company indicated in the Purchase and Sale<br />
Agreement. Additional earnest money may be required from the purchaser. Please review the Purchase and Sale Agreement, available<br />
in the Document Center, for more details.<br />
buyer’s premium<br />
A Buyer’s Premium in the amount of 4.5% of the Auction High Bid Amount will be added to the Auction High Bid Amount in order to<br />
determine the Total Purchase Price. Please review the Terms and Conditions of the Auction for more details.<br />
Auction Disclosure<br />
The property is being offered on an “as-is, where-is” basis. Each bidder acknowledges that it is not relying upon any documents or<br />
information included in the Document Center or any representation, statement or other assertion by the Seller, <strong>CBRE</strong>, Inc. or any of its<br />
agents, representatives or employees of any of the foregoing, with respect to the condition of the property, square footage, acreage<br />
and financial information, but instead, is relying upon the bidder’s own examination and investigation of the property. Please review<br />
the Terms and Conditions of the Auction for more details.<br />
+1 800 815 1038<br />
For more information please visit our website at<br />
www.cbre.com/auctionservices<br />
© 2013 <strong>CBRE</strong>, Inc. The information contained in this document has been obtained from sources believed reliable. While <strong>CBRE</strong>, Inc. does not doubt its accuracy, <strong>CBRE</strong>, Inc. has not<br />
verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions,<br />
assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax<br />
and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to<br />
determine to your satisfaction the suitability of the property for your needs.