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the Lexington Hotel Suites - Grand Rapids, MI for $4,700,000 or $38,843 per Room |
| CHICAGO September 12, 2000 -- Hotel Source, Inc. completed
the sale of the 121-suite Lexington Hotel Suites - Grand Rapids,
Michigan. The hotel was purchased by Grand Rapids Superior Hospitality,
Inc., a Michigan based private partnership and was sold by Property Corporation
of America. The hotel will be managed by the new Owner. The sale
was handled with the assistance of Steve Marx of Hotel Source, Inc.
The hotel was sold for $4,700,000 or $38,843 per room, which represented a 2.9 room revenue multiplier. Grand Rapids is considered one of the strongest submarkets in Michigan and the Lexington Hotel Suites is prominently located at the 28th Street exit of Intersate-96. The property was built in 1988 and has been owned and operated by its original developer up until the sale. All suites feature sleeping and living room areas separated by a mini-kitchen. Additional amenities include a dramatic two-story lobby, breakfast room, indoor swimming pool, whirlpool, exercise room, meeting rooms and full kitchen. The new owner plans to renovate the property and possibly add a franchise. Hotel Source, Inc. is a real estate brokerage firm dedicated exclusively to the lodging industry. |
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Hotel Source, Inc Heidi Bartel [email protected] |