Each Hotel will be sold regardless of price, so the bidders will determine the final sales price, note the seller. After all, in today's real estate market who wants to purchase on a retail basis when they can buy at a wholesale price at absolute auction?
Jacksonville, Florida (PRWEB) April 2, 2008
Finding a good "wholesale buying opportunity" for Florida Hotel Property is not always easy. However, two Jacksonville Area Hotels will be offered at absolute auction at 1:00 p.m. on Thursday, May 22, 2008 at the Rodeway Inn Hotel, 300 Park Avenue, Orange Park (Jacksonville), Florida. Gordon Greene, Florida Real Estate Broker with Chartwell Group will be handling the auction offering of the hotels:
Parcel 1. The 201-Room Rodeway Inn Hotel is located at 300 Park Avenue., (Hwy. 17), just South of Exit 10 of I-275, Orange Park, FL. The Rodeway Inn Hotel is on 5.7-Acres near the Osborn Convention Center. The Hotel has had room additions as recently as 1982 and over $1,300,000 in capital improvements in the last three years. Room configuration includes: 48 Queens; 47 Kings; 102 Double Doubles; and 4 Suites. The property includes a restaurant; a lounge; multiple on-site meeting rooms, and a swimming pool. The Rodeway Inn produced more than $1,700,000 in Annual Room Revenues during 2007. The Suggested Opening Bid at Auction is $1,865,000. On site inspections will he held on Wednesdays, April 30; May 7; May 14; and May 21 from 1:30 p.m. to 3:30 p.m.
PARCEL2. The 130-Room Kings Inn Motel is located at 8016 Arlington Expressway (Alt. 90 & 10A), Jacksonville, FL. The Kings Inn Motel in on 4.5-Acres near the Regency Square Mall. Room layouts feature: 23 Kings; 62 Double Doubles; 37 Single Doubles; and a Two-Room Apartment. Originally built as a Holiday Inn, the Kings Inn generated nearly $1,000,000 in Annual Room Revenues in 2007. The Suggested Opening Bid at Auction is $885,000. The property also has nearly 4,000 Sq. Ft. of banquet & meeting rooms and a spacious swimming pool.
Handling the Auction will be Gordon Greene, Florida Real Estate Broker with Chartwell Group Commercial Real Estate Brokers. "Each Hotel will be sold regardless of price, so the bidders will determine the final sales price, note the seller. After all, in today's real estate market who wants to purchase on a retail basis when they can buy at a wholesale price at absolute auction?" For more information on the May 22, 2008 Auction, call Gordon Greene, CCIM, at TCN Chartwell Group at telephone: 877-430-9558. TCN Worldwide is the 8th largest commercial real estate brokerage organization in the U.S. and has more than 1,200 sales associates in more than 210 real estate markets worldwide including Mainland China and Australia.
# # #
