Garden Inn – Kokomo, Indiana
Garden Inn – Kokomo IN, benefits from its central location approximately 45 miles east of Purdue University and 50 miles north of Indianapolis. Built as a Signature Inn and later operated as a Best Western, the 98-room hotel has a two-story lobby and multiple meeting rooms
The hotel was lender owned and was operated by a national management company. At the time of the listing, the majority of the guestrooms were in unrentable condition and the swimming pool was inoperable. In addition, there were no financial statements available from the previous owner and inconsistent statements from the current owner. Financing would be difficult to obtain due to the lack of historic operating performance.
A targeted marketing effort was implemented, focusing on national and regional owners with interest in limited-service properties that required repositioning and upgrading.
Many investors saw the upside potential of this property with its excellent location within the market. Over 18 different groups submitted offers on the property. The new owner will undertake a full renovation and rebrand the property with a national franchise.