Picture via Google Maps.
Post-lockdown, the Holiday Inn Express & Suites in West Chester is up for auction, with bidding due to start February 28 and end March 2. Laura Smythe checked the details of the Philadelphia Business Journal.
The 75-room hotel will be offered for auction on digital auction platform Ten-X, with a starting bid of $1.9 million.
The property, which is under the IHG Hotels & Resorts umbrella, was seized earlier this year after initially defaulting on a $6.55 million loan in April 2020. The hotel currently has 10 months behind with its payments on the remaining balance of $5.55 million.
A receiver took over hotel operations in June from Brandywine Hospitality. The hotel owner first took out the loan from commercial real estate lender Starwood Property Mortgage in July 2015. This loan is serviced by Wells Fargo.
The value of the hotel has declined by more than 27% since booking that first loan, from $9.4 million in May 2015 to $6.8 million in December 2020.
Learn more about Holiday Inn Express & Suites in the Philadelphia Business Journal.