Second Sale Date:
Wednesday, July 14th @ 12:00 PM
More Information
Property Highlights
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Excellent Location off U.S. Route 30 and Interstate 71
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Gross sales in 2015 was approximately $1,580,000.
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Easily Accessible Location Less than 10 Minutes from Mansfield Lahm Municipal Airport
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Close Proximity to Primary Demand Generators
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Value-Add Property Due to Absentee Self-Management
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In-Place Cash Flow with Opportunity to Reduce Expense Ratios to Industry Standards
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Perfect for Owner-Operator as Property Includes a Full Robust Manager’s Apartment
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Choice Hotels International Extended Reach Brand Affiliation with Opportunity for a New Long-Term Franchise License
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Windows Every Five Years in Current Choice Hotels License Agreement
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Being Sold Below Replacement Cost of 8.85M
Management Company took over recently, forced by the lender. Improper management by current owners. MgtCo would prefer to continue managing but unencumbered.
Up-Branding opportunities to Holiday Inn Express, Comfort Inn or Candlewood - prelim discussions with brands. Ability to capitalize on high revPAR and brand loyalty.
Down-Branding opportunities to Baymont Inn, Red Roof Inn, Sure Stay, or OYO to capitalize on a reduced fee structure, low labor and supply costs.
Property neighbors the Opportunity Zone boundary. Can be requested to be annexed into Opp Zone for a zero capital gains approach to investment.
Largest pool in the area. Not being marketed, nor utilized properly. A membership or seasonal pass approach can be used to generate extra revenue.
Redevelopments proposed:
Senior Living
Student housing for the nearby The Ohio State University, Ashland University, North Central State College, MedCentral College students
Partnership with OSU or other nearby universities to use facilities as a hospitality school with hands-on learning experience
Hotel has 92 active rooms with a total of 114 rooms. Using 3 years avg revPAR of ~$36 pre-covid...the additional 22 rooms could increase top line revenue by ~300k
Lot Size: 2.97 Acres
Annual Taxes: $66,967
Viewing Dates
Please visit the property during normal operating hours.
Property Map
Basic Terms:
*The property sells with reserve.
*The required deposit is 10% of the high bid.
*In the case of an online purchase, the successful bidder will be required to directly deposit the required amount into the trust account of Ohio Sheriff Sales at any Chase Bank branch OR initiate a wire transfer to said trust account by 5:00pm the day of auction. If deposit has not been made by 12:00pm the day following the auction, the credit card provided at the time of registration will automatically be charged along with the 4% processing fee.
*The real estate is sold As-Is with no contingencies. All inspections (if available) must be done prior to Auction. The seller shall be protected and or indemnified from any misinterpretation and any errors or omissions in the above information provided. It is the sole duty of the buyer to do their Due Diligence. Purchaser is relying solely upon his examination of the real estate.
*Close within 60 days of Auction.
*A 10% buyer's premium will be added to the high bid to obtain the final selling price.
*Buyer pays all closing costs.
*Marketable deed given at closing with no liens or back taxes.
*Bid increment for Online Bidding is $10,000.
*When you place a bid, you can place a "Maximum Bid" and the software will bid for you in $10,000 increments. You will be notified by email and text if you are out-bid.
*Bid Extensions: If a bid is received within the last 5 minutes of the Auction end time, bidding will extend for a 5-minute period of time. Bid extensions continue until all bidding is exhausted.
*Default: Be aware, if you are unable to close within 30 days of court confirmation, your deposit is non-refundable, and you could be liable for other costs and possibly be found in contempt of court.