NORTHBROOK, Ill., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Hilco Real Estate, LLC (www.HilcoReal.com) set the property auction date to sell the fully-operating 96-room hotel located in The Gateway to Milwaukee, immediately off Interstate 94 at the recently completed Layton Avenue Diamond Interchange.
Currently operating as the Milwaukee Airport Inn, the hotel is being offered with reserve with a suggested opening bid of $949,000.
This property offers outstanding visibility via two large pylons signs, immediate access to major interstate, as well as ideal proximity to the General Mitchell International Airport and downtown Milwaukee. The location, together with the amenities of this hotel, is both attractive and convenient for the consummate business traveler. The hotel boasts interior corridors, a fitness room, business center, ample parking and an attached leased restaurant. While this offering stands as an excellent turnkey investment under its current use, it also represents an ideal redevelopment opportunity with flexible LB1 zoning and progressive local government.
The auction event will be held live and online on March 13 at the property, 1716 West Layton Avenue, Milwaukee, WI 53221. Registration will start at 12 pm (noon) and the auction will commence at 1pm.
Interested buyers can view the properties by attending one of our on-site inspections scheduled on Thursdays, February 20th, 27th & March 6th at 1PM, by appointment only.
In 2005, the Airport Gateway Business Association (AGBA) was created in order to provide leadership in planning, promoting, and developing the vitality of the area around General Mitchell International Airport – The Gateway To Milwaukee. The goal of The Gateway Association is to create a welcoming environment for consumers and travelers, further community relations, retain and attract businesses, support local and regional business development efforts and grow property values. As a result of these efforts, Milwaukee is quickly becoming a vibrant and diverse transportation and commercial hub connecting the Milwaukee region with the rest of the world as a globally recognized economic engine.
The City has also made a number of recent economic investments to promote tourism that include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an internationally renowned addition to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the U.S. Cellular Arena.
One such investment includes the Wisconsin Department of Transportation's I-94 North-South Freeway Project. Started in 2009, the massive undertaking included the reconstruction of approximately 35 miles of mainline freeway and 18 service interchanges. This construction resulted in the closure of I-94 West (NB) entrance and I-94 East (SB) exit ramps at Layton Avenue for a period of two years. The recent reopening of the Layton Avenue Interchange will provide immediate freeway access to the hotel for the 9.5 million travelers that pass through the General Mitchell International Airport each year.
Jeff Azuse, Senior Vice President of Hilco Real Estate stated, "This auction is an exceptional opportunity for hotel owner/operators and investors to name their price on a turnkey operation that offers almost immediate proximity to all the area's major traffic generators. Combine that with the assumable SBA loan at very attractive terms, and you have an investment with great upside potential."
Azuse continued, "Auctions continue to grow as one of the leading disposition strategies for institutional and private owners of hospitality and lodging assets across America due to their swift timeframe, transparency, and surety of closing. In this industry, Hilco is a leader."
Detailed due diligence material is available for the property in our virtual deal room. The deal room contains property specific information, an explanation of the auction process and the Terms of Sale. Reviewing the due diligence material is a requirement in order to bid. Please contact the Project Manager at (847) 418-2700 to request access.
For more information about bid qualifications and further details about this property or other upcoming auctions, please contact the Project Manager at (847) 418-2700 or visit www.HilcoReal.com.
About Hilco Real Estate: Hilco Real Estate, ("HRE") a unit of Hilco Global, is headquartered in Northbrook, Illinois (USA). HRE is a national provider of accelerated real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex deals.
CONTACT: Gary Epstein Hilco Global Office: 847-418-2712 Email: firstname.lastname@example.org
Source: Hilco Global