Holiday Inn Hotel & Suites Lima Changes Hands
- Jun 27, 2016
Lima, Ohio—Marcus & Millichap recently announced the sale of a 116-key hotel located in Lima, Ohio. Holiday Inn Hotel & Suites Lima changed hands with a $11 million price tag, or nearly $95,000 per guestroom.
Located at 803 South Leonard Ave., the Holiday Inn Hotel & Suites Lima is a four-story hotel offering a range of amenities such as an indoor pool, a fitness center, business center, meeting room, on-site restaurant, ice machine, free breakfast, newspaper and Wi-Fi.
“Placed on the market by its original developers, the property has historically strong operating margins and high average daily rates and occupancy,” Alexandre Duong, associate vice president of investments in Marcus & Millichap’s Cleveland office, said in a prepared statement. “Our marketing campaign produced multiple offers from out-of-state and private equity investors, and we closed the sale at 96 percent of the list price.” Duong represented the seller and procured the buyer.
Image courtesy of Holiday Inn Hotel & Suites Lima