LENDER DIRECTS SALE OF MAGNUSON HOTEL
159-Room Operating Full-Service Hotel And Conference Center
To Be Sold In An Online Auction
To Be Sold To The Highest Bidder At Or Above The Minimum Bid
Of $1,250,000 Or $7,860 Per Key
Chicago, IL – September 12, 2013 – Douglas Johnson, Managing Director, CBRE Auction Services, announced today that the Magnuson Hotel and Conference Center located at 3310 Troup Highway in Tyler, Texas, will be sold at auction. The online auction will be held on October 17th, 2013. The minimum bid is $1,250,000 or approximately $7,860 per key.
“The Magnuson Hotel & Conference Center is a fantastic investor or owner/operator opportunity. There is tremendous upside potential to improve the average daily rate and occupancy to that of its competitors in the marketplace,” remarked Paul Galanis, Managing Director, CBRE Auction Services.
The Magnuson Hotel and Conference Center features 159 guest rooms, five banquet rooms, a fully-equipped restaurant, large outdoor pool and convenient access to University of Texas at Tyler and University of Texas Health Science Center.
According to Mr. Johnson, “This is a tremendous opportunity for a hotel operator or investor to acquire a full-service hotel with significant banquet capabilities for fewer than $8,000 per key and add its management expertise and renovation capital to improve the property. This hotel may be rebranded to a Clarion, Ramada, and others.”
Mr. Johnson added: “Alternatively, the property has other potential uses which could include assisted living, multi-family, or student housing given its close proximity to the University of Texas at Tyler.”
The lender directed minimum bid is $1,250,000 and an initial earnest money deposit of $60,000 is required in order to participate. The online auction will be held on October 17th, 2013. Property inspections will be held by appointment only. CBRE representatives will be available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this, and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.
Led by Douglas Johnson, Paul Galanis and Patrick Connell, CBRE Auction Services assists lenders, investors and other owners in the disposition of commercial real estate assets. The group joins forces with experts in each of CBRE’s business lines to develop a comprehensive marketing program designed to achieve client goals and the selling of the asset(s) on a date certain. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.