Leisure Real Estate Advisors, LLC, (LREA) is pleased to announce it has arranged the sale of the Fairfield Inn & Suites downtown, Wichita, KS, Leisure Real Estate Advisors represented a Wichita based investor. Four G, LLC in the transaction. Jim Korroch of Landmark Hotel Advisors, LLC, in an affiliate relationship with LREA, also assisted FourG and facilitated the sale. Midas Old Town Wichita, LLC, an investment group based out of St. Louis, MO, purchased the 131 unit hotel for an undisclosed price. The listing price was $12,700,000. “The Marriott brand, especially a city center based Fairfield Inn & Suites, will always attract attention and this one was no exception”, comments Brent Jaynes, Managing Partner and cofounder of LREA. “Being a part of a redevelopment district, which included numerous City agreements, parking agreements, a CID agreement and many others, required extensive cooperation between the buyer, the seller, their attorneys and the City of Wichita”.
Property Description: Fairfield Inn & Suites, Wichita, KS 131 keys Listing Price: $12,700,000 Listing Price per key: 96,946
Midas Old Town Wichita, LLC will continue to operate the hotel under a new franchise agreement with Marriott and will complete an estimated $2M dollar property improve plan.
For Information on this transaction or the market environmant, please contact:
Brent A. Jaynes, Managing Partner 913-499-4731 or bjaynes@leisurerealestate.com
Jim Korroch, Principal Advisor 316-304-6091or jkorroch@landmarkrealestate.net
