Auction for Dover, NH "Microtel" Draws 21 Bidders

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JJManning Auctioneers Sells "Microtel Inn & Suites" in Dover, NH for a figure higher than the tax assessed value.

JJManning Auctioneers, a leader in the accelerated marketing and disposition of quality real estate, is pleased to announce the sale at Mortgagee's Foreclosure Auction on behalf of Bank of New England of the "Microtel Inn & Suites", 31 Webb Place, Dover, NH on Thursday, July 9, 2009 for $2.62 Million with an additional $27,000+/- in liens which become the responsibility of the buyer.

On auction day, 21 registered bidders from as far away as New York, Pennsylvania, and Washington D.C. -- each with a certified deposit of $50,000 vied for the property. JJManning Auctioneers, elicited an opening bid of $1.5 Million from the first bidder and brisk competition between several others quickly drove the price to $2.62 Million. Per the auction terms, the buyer has 5 days to increase their $50,000 deposit to a full 10% of the purchase price, and 45 days to close.

Bank representatives were pleased with both the turnout and result for this 27,000+/- sf. 3-story 57-unit motel built in 2007 at Week's Crossing near Exit 9 of Route 16/Spaulding Turnpike consigned to auction on June 2nd. In a 5-week marketing period, they were able to sell the motel at auction for a figure higher than the tax assessed value, thus avoiding any carrying costs which would have been incurred had the property become a bank REO asset.        

JJManning Auctioneers is now accepting consignments for the Late Summer/Fall Auction Calendar. Please visit or call 800-521-0111 for further information.

About The Company
JJManning Auctioneers provides expert accelerated marketing and asset disposition solutions to Fortune 500 companies, REITs, corporations, government agencies, financial institutions, REO portfolio managers, small businesses, and private individuals across America. Since 1976, JJManning Auctioneers has successfully marketed and sold over 14,000 commercial, industrial, and residential real estate properties.

Contact: Justin J. Manning, CAI, AARE - President/CFO
Company Name: JJManning Auctioneers
Telephone Number: 800-521-0111 x-223
Mailing Address: 179 Old King's Hwy, Yarmouth Port, MA 02675


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