With this acquisition, Hawkeye Hotels now operates over 50 hotels nationwide across 18 states, including 14 hotels in its home state of Iowa. The company has averaged one transaction per month over the past two years.
“This acquisition is not only a sound investment but more importantly a way to support economic prosperity in the Hawkeye state,” Ravi Patel, president of Hawkeye Hotels, said in a statement. “We're eager to continue making investments in Cedar Rapids because we are recognizing consistent economic growth there. It is our hope to satisfy the market demand for more hotels and contribute to the thriving local economy.”
The Holiday Inn Express North comprises 83 rooms that underwent a multimillion-dollar renovation over the past two years. Additional amenities include a swimming pool, fitness room and business center.
The hotel is strategically located at the high-traffic intersection of Interstate 380 and Collins Road, near a commercial area with a high density of restaurants, service providers and retailers. Northern Cedar Rapids is also home to several major demand generators, such as Rockwell Collins, Toyota Financial Services, Transamerica, Mount Mercy University and Mercy Medical Center.
The Cedar Rapids market is in an expansion phase, with both the commercial aerospace and healthcare industries expected to grow in coming years. Currently several area employers have economic development initiatives underway, an indicator of the city’s steady economic growth: United Fire Group’s $28.4-million investment will create 50 jobs; ConAgra Foods’s $10-million investment will create 130 jobs; TrueNorth Companies’ $2.5-million investment will create 57 jobs; and the Lesaffre Group’s $51-million investment will create 30 jobs.
The deal was brokered by CBRE Hotels.