WHI Announces Sale of the Holiday Inn Express & Suites East Wichita I-35 Andover
Warmbrodt Hotel Investments announced today they closed the sale of the Holiday Inn Express & Suites East Wichita I-35 Andover. The property was sold on behalf of Hotel on the River, LLC for an undisclosed price. The property was listed for $5,500,000. The purchaser, Le & Sons, LLC, will retain the Holiday Inn Express franchise.
“We are approaching a point in the market cycle where doing a deal is great for both buyer and seller. Sellers have a year of solid and improving numbers to point to for higher valuation, and buyers have good financing terms and availability, in addition to remaining RevPar upside as macro conditions improve. Wichita is a strong market with consistent demand generators, but the timing is now starting to be right as well–for both sides of the transaction,” commented Lewis Thompson, Associate of WHI. Mr. Thompson and Zane Varvel of the WHI Chicago office worked with Herb Warmbrodt in Kansas City to effectively market and facilitate the transaction.
The 77 room, 3-story, interior corridor property opened in 2007 and offers a heated, indoor pool and a well-equipped fitness center. It is a modern prototype design in excellent condition. Location is at 160th Street, Exit 50 off of I-35, in Andover, Kansas-the heart of East Wichita. This location has great proximity to Wichita Mid-Continent Airport, Jabara Airport, and major businesses, restaurants, and attractions.