363 Bankruptcy Sale of Microtel Inn and Suites Baldwinsville, New York

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. November 11, 2015

PHILADELPHIA, PA. - November 10, 2015 - Optimum Hotel Brokerage announced today that the firm has been retained as the exclusive broker representing the court-appointed trustee for the 363 Bankruptcy Sale of the Microtel Inn and Suites in Baldwinsville, New York. Joseph McCann, President of Optimum Hotel Brokerage LLC and Licensed New York Real Estate Broker is the exclusive broker handing the sale. The all-cash sale of the fee-simple interest in the 61-unit budget hotel, located 15 miles northeast of Syracuse, is being sold under the order and approval by the United States Bankruptcy Court Northern District of New York with a formal call for offers deadline of November 24, 2015.

The two-story hotel opened in 2000 as a Microtel Inn and Suites and features 61 guestrooms including 18 suites, and all the amenities of a budget hotel. According to Smith Travel Research, the Microtel Inn and Suites achieved a revenue of $545,715 in 2014 and $672,848 in 2013. In the last five months, the property's revenue has been $277,951 between mid-March and July 2015. The property will benefit from new hands-on management realizing gains in revenue and improving operating costs.

The sale is being ordered and approved by the United States Bankruptcy Court Northern District of New York. The sale will be structured as a "363 Sale", where all assets under a Chapter 11 bankruptcy are sold as a going concern. The trustee, in effect, has "stepped into the shoes" of the debtor as the debtor in possession. The fee simple interest in the property is being sold "as is, where is" and without any representations, covenants, guarantees or warranties of any kind or nature whatsoever, and regardless of any issues as to title, if any.

"Given the circumstances and nature of the bankruptcy, the current trustee was unable to obtain much historical financial information or customary due diligence materials commonly available in hotel asset transactions." McCann explained. Confidentiality agreements can be executed on our website (www.optimumbrokerage.com) and interested principals can access the property's Offering Memorandum and due diligence materials directly on the site," he added.

Optimum Hotel Brokerage's principal is Joseph McCann. Joe is a thirty five year hotel industry veteran who has held senior level management positions with Hilton and Marriott. Mr. McCann has earned the designation of Certified Hotel Broker, with distinction, from the organization, and was recognized as HBI's Broker of the Year for the Northeast Region for many years. HBI has also awarded McCann with the Portfolio Sale of the Year, and Unique Deal of the Year. Optimum Hotel Brokerage and Joe McCann was awarded HBI's prestigious Broker of the Year Award in 2006.

Joe is a licensed Real Estate Broker, has earned the Certified Hotel Broker with Distinction designation with Hotel Brokers International, and has been a contributing editor for Lodging Real Estate and Hotel Journal magazine.

For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 215-572-7711.

About Optimum Hotel Brokerage

Optimum Hotel Brokerage is a full service hotel brokerage firm based in Philadelphia, Pennsylvania. Founded in 2001, Optimum Hotel Brokerage specializes in select service and full service hotels. Optimum has earned a well-deserved reputation from lenders, REITs, public companies, investment funds and private investors as one of the leading hotel brokerage firms in the country. Optimum Hotel Brokerage is also a provider of consulting, valuation, and expert witness testimony in franchising, hotel operations, hotel bankruptcy, and distressed hotel litigation.

Contact:
Joe McCann, President
[email protected]
215-572-7711