Swoboda Hospitality Specialists was retained on an Exclusive Listing to secure a purchaser.
The Seller had previously purchased the hotel on a short sale for $6,500,000. After the purchase, the revenue continued to decline forcing the current owner to put the property on the market as a non-performing hotel. The challenge for Swoboda Hospitality Specialists was to figure out a way to secure the current owners investment and still be able to secure a Purchaser who could, in fact, economically afford to compensate the Seller the amount required.
Finding a Purchaser that was willing to make the investment required while still making an economical business purchase.
Swoboda Hospitality Specialists developed a marketing plan which would find a purchaser that could economically utilize the 164 all-suites hotel as an Assisted Living facility, giving the Purchaser the net operating required to justify the purchase. In doing this, Swoboda Hospitality Specialists was able to secure a Non Profit Organization that would use Municipal Bonding to purchase the hotel for $7,000,000 and subsequently convert the hotel to an Assisted Living facility for Veterans. Thus not only solving the hotel owners problem, but assisting in providing a much-needed service to our Veterans. A Win-Win for all concerned.