HVS Brokerage & Advisory, in cooperation with Ten-X, closed on the auction and sale of the 100-key SureStay Hotel by Best Western in Salina, Kan.
The property, built in 1973, was purchased by Cheema Investments, a Nebraska limited liability company, from I-70 Hotel Corp., a Kansas limited liability company, in an all-cash transaction.
HVS Brokerage & Advisory team members Dustin Robinett and Kelson Reimer participated in the transaction.
“This hotel was distressed prior to the recent events affecting the hotel industry. A closed gas station and closed retail building were impacting the appearance and profitability of the hotel,” said Hiral Bhakta, managing member of I-70 Hotel Corp. “We wanted a high degree of certainty that a sale would occur in the near term. Dustin assured us he would produce a buyer and close the deal, and he delivered. My family is very happy with the outcome and we look forward to working with Dustin and HVS again in the future.”
The property was auctioned on Feb. 27 and closed escrow 45 days later. There were no delays or changes to the original agreement despite the uncertainty that arose in the hotel industry during that period. The buyer did not require financing and the deal was settled in cash.
The property is located along a heavily traveled section of Interstate 70 on the northern edge of Salina. The city is located near the geographic center of the United States at the crossroads of I-70 and I-135 and boasts a diverse economy that includes several manufacturing interests, a strong agricultural economy and related businesses, and the growing alternative energy sector.