MBA Hotel Brokers Arranges Sale of the Super 8, Iowa Falls, Iowa
IOWA FALLS, IA. February 6, 2017 - MBA Hotel Brokers, Inc. announces the successful December 2016 sale of the 46 key Super 8 Iowa Falls, Iowa for a final sale price of $1,550,000.
Tim Duffy, Broker with MBA Hotel Brokers Inc., had a working relationship with the seller prior to listing the Super 8. MBA Hotel Brokers secured the buyer within 2 months of listing the Super 8. Total time from listing to closing was less than five months. Mr. Duffy also remarked that “there were some challenges in getting this deal done, such as the seller leaving the country before final settlement, but with careful planning and diligence we were able to get the appraisal, title work and deed completed in record time before he left”.
The property has 46 keys, 2 stories, interior corridors and shows very well. The seller had just completed approximately 90% of its PIP and other upgrades before listing the property. There had been bulk room closures during the renovation which resulted in a loss of revenue in the first two quarters of 2016. However, revenues showed signs of strong recovery after renovation. The buyer is in the process of converting another hotel to Super 8 and was pleased with the PIP renovations that had already been completed for this property.
MBA Hotel Brokers Inc. has been advising on hotel transactions for over 20 years. MBA Hotel Brokers has a corporate office headquartered in Maryland and five additional branch locations. MBA Hotel Brokers Inc. has closed hundreds of hotel sales, in 26 states throughout the USA. For more information, contact Charlie Fritsch, President, at [email protected] or Tim Duffy at [email protected] or go to www.mbahotels.com.
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