Warmbrodt Hotel Investments and Ten-X Close Three Holiday Inn Properties: Billings, Montana / Cheyenne, Wyoming / Fresno, California
Warmbrodt Hotel Investments (“WHI”) and Ten-X, announced today the sale of three full-service Holiday Inn hotels. The properties are located in Billings, MT, Cheyenne, WY and Fresno, CA. The hotels were owned by an affiliate with TPG and sold for an undisclosed amount. The listing price was $28,500,000. Billings and Cheyenne were sold to an institutional investor, while Fresno was sold to a San Francisco based investor.
“This was our first transaction using the Ten-X auction platform, and both our client and our team were very impressed with the pricing of the portfolio, as well as the process with Ten-X,” said Herb Warmbrodt, founder and President of WHI.
Holiday Inn The Grand Montana -Billings is a full-service, 316-room hotel consisting of a seven-story tower, a two-story building and a Convention Center. The hotel is conveniently located off I-90, just a few hours from Yellowstone National Park and the Little Big Horn Battlefield.
The Holiday Inn Cheyenne-I-80 is a full-service, 245-room hotel consisting of six floors. The hotel is located only 1.5 miles from downtown Cheyenne, home to the world’s largest outdoor rodeo, the Cheyenne Frontier Days and the State Capitol of Wyoming.
The Holiday Inn Fresno-Airport is a 210-room hotel consisting of two floors. The property is within five miles of downtown Fresno and is adjacent to Fresno Yosemite International Airport.