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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.

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