CBRE auctioning off Texas Magnuson hotel13 Sep, 2013
A Magnuson hotel in Tyler, Texas, is set to hit the auction block. The 159-room Magnuson Hotel and Conference Center will be sold vai an online auction on October 17. The minimum bid is $1.25 million or around $7,860 per key. CBRE Auction Services will hold the auction.
In order to participate, an intial earnest money deposit of $60,000 is required. "This is a tremendous opportunity for a hotel operator or investor to acquire a full-service hotel with banquet capabilities for less than $8,000 per key and add its management expertise and renovation capital to imrpve the property. This hotel may be rebranded to a Clarion, Ramada and others," said Douglas Johnson, managing director of CBRE Auction Services.
The hotel has five banquet rooms, a restaurant, outdoor pool and access to University of Texas at Tyler and University of Texas Health Science Center.
Interested parties should visit www.cbre.com/auctionservices for more details.
Topic : CBRE
External Source : CBRE Group
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