Huff, Niehaus & Associates, Inc., a member of Hotel Brokers International, announces the sale of the Sleep Inn located in Owensboro, Kentucky. Brandt Niehaus, CHB, CCIM and President of Huff, Niehaus represented the seller, Thies Properties LLC, on the transaction. The 64 room interior corridor hotel sold for $2,835,000 or $44,927 per room. Lake View Hospitality, LLC was the buyer and plans to spend up to $300,000 on improvements. The buyer's capital source was a 504 SBA loan through the Owensboro BB&T branch.
Sitting on the banks of the Ohio River, Owensboro has completed its renaissance with over $1,500,000,000 in public and private investment over the last five years. The Sleep Inn is ideally situated to take advantage of the increased business opportunities presented by the revitalized downtown as it is one of the closest hotels to the town center.
Huff, Niehaus & Associates, Inc., the Hotel Brokers International 2014 Broker of the Year and ten times Regional Broker, is located in Louisville, Kentucky and licensed in Alabama, Illinois, Indiana, Kentucky, Ohio and Tennessee. Since 1975, the company has evolved into a full-service real estate firm providing many services exclusively to the hospitality industry and lenders, including Brokers' Opinions of Value, expert witness testimony and brokerage services.
Founded in 1959, Hotel Brokers International members lead the industry in hotel real estate sales. HBI hotel brokerage specialists have successfully negotiated more than 10,000 hotel real estate transactions and consistently account for the largest share of all select-service and economy hotel sales in the United States. The organization’s database currently comprises more than 100 property listings and the HBI website attracts more than 55,000 monthly site visitors. Founder and host of the popular Hotel Investor’s Marketplace Webcast, HBI also developed the Certified Hotel Broker professional designation program. In addition to hospitality real estate advisory services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals and investment services. For more information about HBI’s hotel listings or to become a broker or affiliate member, visit www.hbihotels.com.
For more information contact:
H. Brandt Niehaus CHB, CCIM
Huff, Niehaus & Associates, Inc.
Glenda J. Webb, Managing Director
Hotel Brokers International
Kansas City, Missouri
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