WHI Advises in the Sale of 5 Red Roof Inn Hotels
Warmbrodt Hotel Investment, Inc (“WHI”) announced today (5) five separate property sales. WHI acted as the exclusive adviser. “We are once again very pleased to represent this important institutional seller on these transactions” stated Herb Warmbrodt, President and founder of WHI. “These transactions represent a total of (9) nine Red Roof Inns where we have represented this client. We currently have (4) four more under purchase agreements and additional properties on the market. The investment community in this segment is very receptive to the new Red Roof Inn NexGen standards and customer base. We found financing has been readily available for these projects with buyers who have a solid track record.”
The properties sold were Red Roof Inns located in the Chicago suburbs of Hoffman Estates and Northbrook and the Detroit suburbs of Troy and Madison Heights. The Chicago properties sold in separate transactions while the Detroit properties were sold to a single purchaser. Sales prices were not disclosed and all of the properties will be renovated to new standards and maintain the Red Roof Inn franchise.
Red Roof Inn, Chicago-Hoffman Estates is a 119-room, three-story, exterior-corridor property located in Hoffman Estates, Illinois, a northwest suburb of Chicago. The Property is proximate to major demand generators including Woodfield Shopping Mall, Sears Center, Riverboat Gambling in Elgin and Six Flags. Companies proximate to the Property include, AT&T, Sears, United Airlines, ADP Corporate Training Center, Sieman, Mori Seika and Clair’s Distribution.
Red Roof Inn, Chicago-Northbrook is a 117-room, three-story, exterior-corridor property located in Deerfield, Illinois, a north shore suburb of Chicago. The Property is 33 miles from Chicago Midway Airport, 17 miles from O’Hare International Airport and 21 miles from downtown Chicago. The Property is proximate to the Chicago Botanical Gardens and the Ravinia Festival. Companies proximate to the Property include, Crate and Barrel, Underwriter’s Laboratory, Inc., Allstate Insurance,Baxter Healthcare and Caremark.
Red Roof Inn, Detroit-Troy is a 109-room, two-story, exterior-corridor property, consisting of two buildings. It is located in Troy, Michigan, a northern suburb of Detroit. The Property is 17 miles from Detroit City Airport and 15 miles from downtown, location for The Palace-Pistons Arena; Ford Field, home of the Detroit Lions NFL football team; Comercia Park, home of the Detroit Tigers, American League Baseball team and Joe Lewis Arena, home of the Detroit Red Wings of the National Hockey League.
Red Roof Inn, Detroit-Madison Heights is a 108-room, two-story, exterior-corridor property, consisting of two buildings located in Madison Heights, Michigan, also a northern suburb of Detroit. This Property is only approximately 3 miles from RRI-Troy, therefore sharing the same demand generators.
Red Roof Inn, Detroit Farmington Hills is a 108-room, two-story, exterior-corridor property, consisting of two buildings is located in Farmington Hills, Michigan, a northwest suburb of Detroit. It is approximately 23 miles from Detroit City Airport and 25 miles from downtown Detroit. This property is approximately 25 miles from RRI-Troy,therefore also sharing the same demand generators.