CBRE says the hotel was built in 1994 and located just off of Interstate 69, the hotel was significantly renovated in 2004.

Press Release

Indianapolis, IN – July, 26, 2010 – CBRE Auction Services will offer an operating 78-room Holiday Inn Hotel located at 9780 North by Northeast Boulevard in Fishers, IN, in an open outcry auction on August 31, 2010 announced Douglas Johnson, Managing Director, of CBRE Auction Services.

Constructed in 1994 and located just off of Interstate 69, the hotel was significantly renovated in 2004. The Holiday Inn franchise terminates September 31, 2010 offering the opportunity for the new owner to re-brand the hotel to a more suitable limited service franchise, enabling the hotel to gain significant market share.

Douglas Johnson added, “This represents a fantastic rebranding opportunity for the astute hospitality investor or on-site operator to reposition the hotel and increase the Average Daily Rate and Occupancy to that of its competitors.”

According to Paul Galanis, Managing Director, CBRE Auction Services, “The hotel offers an excellent location with tremendous upside potential as a limited service hotel. The limited service segment is currently under-represented in the marketplace could bring unprecedented improvement to the revenue.”

John Karver, Senior Vice President of CBRE Hotels added, “The closure of the adjoining stand alone restaurant, that is not included in this sale, caused the Holiday Inn franchise to request the termination of the franchise agreement due to the lack of food and beverage at the hotel. The termination of the Holiday Inn franchise allows a new owner to choose a limited service brand of its choice.”

Northeast Indianapolis and the town of Fishers have a stable base of diverse demand generators both corporate and leisure.

The open-outcry auction will be held on Tuesday, August 31 at the Fishers Hospitality & Conference Center located at 9775 North by Northeast Blvd, in Fishers, IN. Registration begins at noon, and CB Richard Ellis Press Release 2 the auction commences at 1:00 p.m. A certified or cashier’s check in the amount of $50,000 is required to bid.

Property inspections will be held by appointment only on August 12th & 18th at 1:00 p.m. and August 26th at 11:00 a.m. Auction representatives will be available to answer questions about the auction process and procedures, as well as the property. Detailed property information will also be available for review including the survey, financial information, STR report, PIPs from alternative franchises, sample purchase agreement, tax information, and other applicable information.

For more information about the auction, terms of sale, marketing materials, or prospective purchasers should call CBRE Auction Services at 800-815-1038.

CB Richard Ellis launched its real estate auction service in the United States in May of this year. This new service expands the company’s capabilities for assisting lenders, investors and users in the disposition of commercial real estate assets. The group joins forces with CBRE experts within each business line to develop a comprehensive marketing program designed to achieve our client’s goals and sell the asset(s) on a date certain. Douglas Johnson, Paul Galanis, and Jeff Barrett lead the group. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices

About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com.

Source: CB Richard Ellis