News for the Hospitality Executive |
Red Roof Inn - Chicago-Lansing, IL - SOLD by Warmbrodt Hotel Investments, Inc. |
October 26, 2012 -
Warmbrodt Hotel Investments, Inc. ("WHI") is pleased to
announce the sale of the Red Roof Inn - Chicago-Lansing, Illinois. WHI
acted as
exclusive advisor on behalf of one of its institutional clients.
About
Warmbrodt Hotel
Investments, Inc. "Though the lending market is improving, there are still challenges in completing transactions, particularly in the time frames for lender underwriting, commitment and ultimately closing. WHI maintained open communication between buyer, seller and lender to finalize the transaction," said Zane Varvel, Vice-President of WHI. Red Roof Inn consistently achieves high rankings in J.D. Power & Associates Guest Satisfaction Index Studies in the economy budget segment. The company has been expanding their franchise platform by selling certain assets to qualified franchisees. In conjunction with their $90 Million dollar renovation initiative, Red Roof is strategically implementing the NextGen redesign for all their properties. The 108-room, two-story, exterior-corridor property, consisting of two buildings, was built in 1982 and totally renovated in 2004. The property in Chicago-Lansing will be renovated to new standards and maintain the Red Roof Inn franchise WHI is a growing real estate firm specializing in the disposition, acquisition, financing, and debt restructuring of hospitality related assets throughout the United States. For further information about this transaction and current hotel property offerings, please contact Zane Varvel at the Chicago office: (312) 262-5930, [email protected]. |
Warmbrodt Hotel Investments Kansas City Office 2020 West 89th Street Leawood, KS 66206 913-381-3737 Chicago Office 22 W. Washington Street, Suite 1500 Chicago, IL 60202 312-262-5930 [email protected] www.whikc.com |