Holiday Inn Express Hotel – Janesville, Wisconsin
The five-story, 142 guestroom Holiday Inn Express Hotel & Janesville Conference Center – Janesville, WI benefits from its central location 40 miles from Madison, 75 miles from Milwaukee and 100 miles from Chicago. Built in 1994, the hotel has a two-story lobby, indoor swimming pool, whirlpool and breakfast room. In addition to the standard Holiday Inn Express amenities, the hotel was sold with the connected 10,000 sq.ft. Janesville Conference Center.
Based on the need for extensive capital improvements with a large Product Improvement Plan (PIP) from IHG, finding a buyer who could undertake the significant financial demand was challenging.
Through an aggressive national sales and marketing process, prospective buyers who had experience operating and acquiring hotels with large conference centers were targeted, as well as those with the ability to tackle a large renovation.
The property sold at a 10.4% Capitalization Rate and a 3.0 Room Revenue Multiplier after an estimated $3,000,000+ renovation. Pre-renovation, the property sold at a 14.7%. Capitalization Rate and a 2.15 Room Revenue Multiplier. The new owner plans to maintain the Holiday Inn Express franchise and extensively upgrade the property.
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