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Renaissance Philly (Note Sale) | Philadelphia, PA | Closed in CRE Auction

  • Jul 12, 2018
  • Marketplace Closings

The non-performing note secured by a full-service hotel property in Philadelphia sold via online CRE auction website, RealINSIGHT Marketplace.

This 349 key full-service lodging facility located in Philadelphia, PA is just one of many of our exceptional hotel property and loan sales, an asset class that has had tremendous success through the online CRE auction process on RealINSIGHT Marketplace.

Faced with the formidable task of selling a non-performing commercial loan secured by a hotel that was set to lose its flag in three years, the seller engaged an experienced, well-rounded investment sales brokerage team with expertise in selling loans, real estate, and hotels to market the property on the online auction website, RealINSIGHT Marketplace.

Together, a senior Marketplace associate with a background in hotel asset management and the selected brokerage team, effectively promoted the value-add opportunity to be gained by purchasing a non-performing loan that had already been granted a foreclosure judgment. In essence, the opportunity to purchase a hotel at cost/key basis below replacement cost.

The marketing campaign created by the Marketplace team and brokers helped investors see beyond the significant cost associated with deferred maintenance and rebranding that is required after the hotel’s flag expiration and resulted in 14 registered bidders who competed against each other to a final bid price well above the seller’s reserve. 

To learn more, please visit the Asset Page or reach out to the Marketplace team at info@rimarketplace.com for more details.