The hotel-investment market is picking up momentum, and we’re seeing more attractive pricing due to buyer demand and a shortage of inventory.
Chicago, IL (PRWEB) May 16, 2013
@properties Commercial recently brokered the sale of a Best Western Midway Hotel at 2901 Hummingbird Lane in Wausau, Wisc.
Midway Hotel Club, LLC paid $1.9 million for the hotel, which was owned by Midway Hotel Group, LLC. Alok Gupta, senior broker for @properties Commercial, was the sole broker in the transaction.
The two-story hotel features 97 rooms. Amenities include two restaurants and a 10,000-square-foot atrium, which features a pool, whirlpool hot tub, game room and fitness center. According to Gupta, the seller invested nearly $500,000 into remodeling and upgrades prior to the sale, including new roofing, carpeting, bedding and granite countertops in all of the bathrooms.
The Best Western Midway Hotel is located on 7 acres just west of Interstate 39 and Highway 51. Nearby attractions include Mountain State Park, Granite Peak Ski Area, The Leigh Yawkey Woodson Art Museum, the Wausau Center Mall and downtown Wausau.
“The hotel-investment market is picking up momentum, and we’re seeing more attractive pricing due to buyer demand and a shortage of inventory,” said Gupta.
About @properties Commercial
@properties Commercial is a full-service Chicago commercial real estate firm offering leasing and sales, property management and investment-advisory services. For more information about @properties, visit http://www.atproperties.com/commercial.
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