MBA Hotel Brokers successfully brokered the sale of the 46-key Super 8 Iowa Falls, Iowa, for a final sale price of $1.6 million.
Tim Duffy, broker with MBA, had a working relationship with the seller prior to listing the Super 8. MBA secured the buyer within two months of listing the property, with the total time from listing to closing lasting less than five months. Duffy said in a statement 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 spread across two stories, contained within interior corridors. The seller recently completed approximately 90 percent of its product improvement plan, as well as 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, though according to MBA revenues at the property showed signs of recovery after renovation. The buyer is in the process of converting another hotel to Super 8.
On-property amenities at the Super 8 Iowa Falls include a business center, free Wi-Fi, on-property laundry facilities, a meeting room, indoor pool and onsite parking. The hotel is also pet friendly.