Leisure Real Estate Advisors, LLC, is pleased to announce it has arranged the sale of the Holiday Inn Express & Suites, Newton, KS. Leisure Real Estate Advisors, LLC based in metro Kansas City, represented a Kansas based developer, Broadway Hospitality, LLC. in the transaction. Newton Hotel Investments, Inc, an investment group based in Topeka and Kansas City, purchased the 68 unit hotel for an undisclosed price. The listing price was $5,300,000. “This Holiday Inn Express flag is a limited service premium brand and always attracts investment attention”, comments Brent A. Jaynes, Managing Partner with Leisure Real Estate Advisors. “The property was a market leader, offered quality construction and was built adjacent to the local City owned conference center”, says Jaynes. Mr. Jaynes was the exclusive broker representing the seller, with marketing support from David Jones, Principal, also in the Kansas City office. The Newton, KS area has proven to be a solid business market with multiple demand generators, including those related to agribusiness, medical, local colleges and Interstate 135. Newton is only about 30 minutes from metro Wichita.
Newton Hotel Investments, Inc will continue to operate the hotel under a new franchise agreement with IHG, including the implementation of a Formula Blue PIP.
Property Description:
- # of Keys: 68
- Listing Price: $5,300,000
- Price per key: $77,941
- Year Built: 2011
For more information about this sale or to discuss general market conditions, please contact: Brent A. Jaynes, Managing Partner Leisure Real Estate Advisors, LLC 913-499-4731 or bjaynes@leisurerealestate.com
Visit our website to view our entire listing portfolio at www.leisurerealestate.com.
