Chicago, IL – September 19th, 2013 – Douglas Johnson, managing director, CBRE Auction Services, announced today that the Quincy Center City Hotel located at 201 S. 3rd Street in Quincy, Illinois, will be sold at auction. The online auction will be held on Wednesday, October 23rd, 2013. The opening bid is only $200,000 or approximately $1,400 per key.
“The Quincy Center City Hotel is a fantastic investor or owner/operator opportunity. The property features 145 rooms on approximately 4.5 acres. An astute investor or owner/operator will immediately see the value added opportunity this property represents,” remarked Paul Galanis, managing director, CBRE Auction Services.
The Quincy City Center Hotel is located in Quincy, also known as “Gem City,” the county seat of Adams County in Illinois. The Hotel is situated between 4th Street on the east and Gardner Expressway (3rd Street) on the west, with York Street to the south. The Hotel is just south of Maine Street, or U.S. Route 24, a primary east/west highway that crosses the Mississippi River into West Quincy. Many of the upper floor hotel rooms have views of the mighty Mississippi River.
According to Mr. Johnson, “This is a tremendous opportunity for an experienced hotel operator or investor to acquire a full-service hotel with significant banquet capabilities.”
Mr. Johnson added: “Alternatively, this quality constructed block and steel atrium building has other potential uses which could include assisted living, residential development, or Quincy University student housing.”
The auction opening bid is $200,000 and an initial earnest money deposit of $30,000 is required in order to participate. The online auction will be held on Wednesday, October 23rd, 2013. Property inspections will be held by appointment only. CBRE representatives will be available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this, and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.
Led by Douglas Johnson, Paul Galanis and Patrick Connell, CBRE Auction Services assists lenders, investors and other owners in the disposition of commercial real estate assets. The group joins forces with experts in each of CBRE’s business lines to develop a comprehensive marketing program designed to achieve client goals and the selling of the asset(s) on a date certain. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.