INVESTMENT HIGHLIGHTS
Hunter Hotel Advisors has been exclusively engaged to market the 63-room, 2-story Fairfield Inn Muncie (the “Hotel”). The property is available via the RI Marketplace Auction taking place on December 15th to 17th. The Hotel represents a rare opportunity to acquire an institutionally owned, Marriott-branded asset being offered below replacement cost in a high-growth Midwestern market. The Hotel is strategically located less than 2 miles from Ball State University and proximate to major corporate and healthcare demand generators including IU Health Ball Memorial Hospital, First Merchants Corporation’s headquarters, and Magna Powertrain. The Hotel is currently managed by an institutional third-party operator and is being offered with management availability, allowing an investor to implement enhanced revenue management strategies and cost control initiatives to increase flow through to the bottom line.
The Offering Process
An online auction event will be conducted on RealINSIGHT Marketplace in accordance with the Sale Event Terms and Conditions, https://rimarketplace.com/sale-event-terms.
Due Diligence
Due diligence materials are available to qualified prospective bidders via an electronic data room hosted by RealINSIGHT Marketplace. Prospective bidders will be required to electronically execute a confidentiality agreement prior to being allowed access to the materials. All due diligence must be conducted prior to signing the purchase and sale agreement. You may contact the sales advisors with any due diligence questions.
Buyer Qualification
Prospective bidders will be required to register with RealINSIGHT Marketplace to bid. Each bidder will be required to provide current contact information, submit proof of funds up to the full amount they plan to bid, and agree to the Auction Terms and Conditions.
In order to participate in an auction, the Seller requires bidders to provide proof of their liquidity in an amount of at least their anticipated maximum bid for those assets they wish to bid on. Such liquidity must be in the form of cash, or cash equivalents, and must be available immediately without restriction.
Generally, recent bank statements, brokerage account statements, or bank letters are acceptable. A line of credit statement may be acceptable only if it is already closed and in place, has undrawn capacity, and may be funded immediately without bank approval. Loan pre-approval letters, term sheets, and the like, where the loan would be collateralized by the property up for auction and handled at escrow closing, are NOT acceptable. Capital call agreements, investor equity commitments, and the like, are evaluated on a case-by-case basis. The acceptance of any proof of funds documents are made at the sole and absolute discretion of RealINSIGHT Marketplace. For further information, please visit the Bidder Registration FAQ, https://rimarketplace.com/faq.
Closing
Following the auction, the winning bidder will be contacted by phone and email to go over specifics of the sale, including the execution of the purchase agreement and all documentation involved in the purchase. The winning bidder must be available by telephone within two hours of the sale. More information can be found on the RealINSIGHT Marketplace website.
LISTING CONTACTS
PHOTO GALLERY
ABOUT HUNTER
Hunter Hotel Advisors is the leading investment advisory firm focused exclusively on the hotel industry. Their seasoned team of investment professionals and offices nationwide consistently provide clients with optimal results in hotel brokerage, financial advisory and capital markets services of any size or complexity. With over 45 years of experience in both full and select-service single assets as well as portfolio marketing, the firm’s capacity in valuation, economic analysis, and industry relationships has allowed HUNTER to consistently maximize value regardless of market conditions.
Hunter Hotel Advisors is the founder and producer of the well-known and respected Hunter Hotel Investment Conference. Since their first conference in 1989, they have had a consistent focus on producing an educational and networking format based on real estate and finance for hotel owners.
