Being operated by a court appointed receiver does not always mean a hotel property is distressed. In the case of this Microtel Inn & Suites, the term “distressed” no longer applies. Under the direction of the receiver, Sunway Hospitality, the hotel has shown an admirable recovery since the take-over, both in revenue and in guest reviews.
The offering is reasonably priced and has not been appreciably effected by Covid 19. An all cash transaction is preferred by the receiver, however, the lender of record may consider financing for a qualified and experienced buyer. Sufficient equity will be required.
This 69 unit property was placed under the control of a court appointed receiver in May of 2019. Under the direction of the receiver, the property has shown steady improvement, both in revenue and guest satisfaction. And, its performance has not been seriously effected by the Covid 19 crisis. Opened in 2000 under the Microtel brand, the hotel had been a steady performer until the owner encountered partnership and financial issues.
Independence with a population approximately 9,000, is located in southeast KS, near the Oklahoma border. Montgomery County population and trade area is approximately 35,000. The town is well positioned on several busy highways, Hwy 75 and 160, with 75 being the major north-south connector between Topeka, KS (1-70, I-35) and Tulsa, OK (I-44).
There are a number of well known aviation demand generators located in Independence, including Textron Aviation (Cessna), Kansas Aviation and Aviation Controls. The Cessna plant builds the Cessna Citation M2, among others, and just delivered its 250th jet. Other notable international businesses are VT Hackney (truck bodies), SMP (automotive products), and Matcor (metal fabrication).
Besides these local business, Independence Community College, a frequently awarded 2 year college, features 1600 students and is an effective demand generator. It has obtained recognition by AffordableColleges.com and by thebestcolleges.com.
This well priced offering could be an ideal fit for an onsite partner, an owner-operator, or a regional operator adding to a portfolio. Any proposed transaction will be subject to receiver and court approval.
Please do not contact the property or staff. All questions and arrangements to tour should be directed to Leisure Real Estate Advisors.