Warmbrodt Hotel Investments has closed the sale of the Holiday Inn Joplin, MO. WHI was the exclusive adviser on behalf of the New York based institutional seller. The property was sold to Conor Acquisitions Group at an undisclosed price and will be converted to a DoubleTree Hotel after completion of the planned $6 million renovation during the next twelve months. Hotel Equities was selected by Conor to manage the hotel and oversee the renovation.
In a statement, Herb Warmbrodt, president of WHI, called the transaction "extraordinarily complicated," but noted that "the conversion allowed us to enhance pricing for the Seller as well as create additional upside for the Purchaser with the DoubleTree brand. The hotel will be the best in class in Joplin after a renovation that will reduce the key count to 185 rooms."
The Holiday Inn Joplin is a full-service, interior corridor, atrium design hotel with a two-story and five-story tower. It has 262 guestrooms, six of which are suites. The property has a fitness center, indoor pool, outdoor pool, whirlpool, onsite spa facilities, restaurant and lounge, business center and approximately 15,000 square feet of flexible meeting space.
WHI transaction team members included Lewis Thompson and Zane Varvel, in Chicago, and Herb Warmbrodt and Todd Green in Kansas City.