News for the Hospitality Executive
Largest Hotel in Macon, Georgia, the 298-room Ramada
to Sell at Absolute Auction on March 9, 2010
MACON, Ga., Feb. 8, 2010 - National Commercial Auctioneers, LLC (NCA) (www.natcomauctions.com) will sell to the highest bidder a lender-owned 298-room Ramada Plaza located at 108 First Street in Macon, Ga., on Tuesday, March 9, 2010, at 1pm.
"This property has significant upside potential for any experienced hotel operator," commented Stephen Karbelk, CAI, AARE, President of National Commercial Auctioneers. "The property had a strong income history but has experienced a drop in revenue recently. With certain capital improvements and an expansive marketing strategy, this property will return to being one of the premier full-service hotels in southern Georgia."
The Ramada Plaza is the largest hotel in Macon with 298 rooms and 20,000 square feet of banquet and meeting space. "One of its greatest features is its location," said Fernando Palacios, RVP of National Commercial Auctioneers and an expert in hospitality auctions. "The property is off of Interstate 16 in downtown Macon and within walking distance of the Georgia Music Hall of Fame, Georgia Sports Hall of Fame, and the Macon Centreplex." Also close by are Wesleyan College, Mercer University and the Medical Center of Central Georgia.
Originally built in 1969, the Ramada Plaza has been a key part of the Macon hospitality marketplace. This full-service hotel has a history of generating over $6,000,000 annually in revenue just a few years ago. With such a large meeting facility and full banquet services, the property has a significant competitive advantage in the regional market. But recently the property has had a drop in revenue to below $2 million.
"When you know the property can produce such a significant income, a buyer can get the property turned around and potentially realize a very sizeable appreciation in value," opined Renee Jones, the licensed Georgia auctioneer that will be conducting the sale. "The upside is all profit."
The auction will be held on-site. Several pre-auction inspections have been scheduled as well. To get more information about how to participate in the auction and to obtain the Property Information Package, please contact National Commercial Auctioneers at 877-895-7077 or visit their website at www.natcomauctions.com.
About National Commercial Auctioneers, LLC: NCA is a nationwide auction company that specializes in the sale of commercial real estate and land at auction for bankers, receivers and bankruptcy courts.
National Commercial Auctioneers, LLC
|Also See:||The 297 room Ramada Plaza in Downtown Macon, Georgia to be Sold Under Foreclosure; Hotel Built in 1970 and Opened as the Macon Hilton / May 2009|