Hawkeye Hotels buys Holiday Inn Express in Cedar Rapids, Iowa

Hawkeye Hotels acquired the Holiday Inn Express North in Cedar Rapids, Iowa, for an undisclosed price. This purchase marks the first in a series of strategic acquisitions planned by Hawkeye for 2017.

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.”

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.

Suggested Articles

New research suggests 64 percent of hospitality professionals believe the risk of a data breach increases when employees work off site.

Three hotels that previously were branded under the Cotelier Hotels brand will be converted to the Life House brand. 

After two weeks of occupancy surpassing the halfway point, the numbers dropped for the week of Oct. 18–24.