Ronn Thomas from Cushman & Wakefield NorthMarq was retained by Shree Sahajanand LLC to sell the 119 room full service Best Western Riverfront Hotel.
The bank appraisal came in extremely low creating financing challenges
The property was on a land lease thus reducing the pool of prospective buyers
Owners did not want the hotel staff aware that the property was for sale
The property was a 40 year old full service hotel that included a waterpark, banquet facilities, restaurant and outdoor patio bar
The hotel faced new competition as several new hotels recently opened or were under construction
Navigated complicated financing scenarios involving SBA, local banks, partial seller financing and the sale of additional properties
Negotiated with the Landlord to get consent & assignment of the land lease
Discretely marketed the hotel so that employees were unaware of the sale
Found buyers by aggressively marketing the property throughout the upper Midwest
Sold property for a maximum value based on waterfront location and perceived upside potential of restaurant business
“Ronn did a great job navigating a very complicated sales process while keeping us well informed throughout the process”
Lal PatelSeller (2016)
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Cushman & Wakefield Minneapolis-St. Paul
3500 W. American Blvd, Suite 200
Bloomington, MN 55431
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