January 24, 2023 4:23 pm
LEISURE REAL ESTATE ADVISORS, LLC ANNOUNCES THE SALE OF THE PRATT INN & SUITES, PRATT, KS!
OVER 75 CAs AND A DOZEN OFFERS IN 45 DAYS.
Leisure Real Estate Advisors, LLC, is pleased to announce the December sale of the Pratt Inn & Suites hotel in Pratt, KS. The buyer was Wisdom Hospitality, LLC, a group of hotel investors. The listing price was $3,950,000. “This offering was one of our more active listings because of the unusual nature of the listing”, comments Brent Jaynes, Managing Partner with Leisure Real Estate Advisors. “That is, the hotel was a former Hampton, but was only 6 years old. It showed like a new Hampton, but was offered at 60% less than today’s replacement cost. Additionally, there was no debt placed on the hotel at closing……it was all cash,” says Jaynes.
Leisure Real Estate Advisors, LLC, based in metro Kansas City, was the exclusive broker representing the Seller, a regionally based lender. The lender had operated the hotel since late 2019.
For the time being, the new owner will operate as an independent. The area features a strong business climate with multiple demand generators including several international companies, extensive agriculture, a Junior College, and a regional hospital.
- # of Keys: 80
- Listing Price: $3,950,000
- Price per key: $49,375
- Interior Corridor: Yes, with indoor pool
- Included a 1acre pad site in front of the hotel
For more information on this sale or to discuss the investment market in general, please direct your questions to:
Brent A. Jaynes, Managing Partner
Leisure Real Estate Advisors, LLC
913-499-4731 or email@example.com