Hotels for Sale

Wingate by Wyndham Gurnee, IL

Address:
Gurnee, Illinois
Description:
  • Fee simple interest in the 62-room former Fairfield Inn Gurnee offered at a fraction of replacement cost
  • Property offered for individual sale through Ten-X as part of a larger portfolio sale on October 24th
  • Significant operational upside following lengthy foreclosure process in 2017 with very limited capital investment in property improvements and very limited operational oversight in many years
  • Available unencumbered of debt and third-party management with rebranding to Wingate by Wyndham completed in late July 2018
  • Seller has pre-negotiated franchise terms with Wyndham including the buyer option for reduced royalty fees or key money payment
  • Financing available with upwards of 80% 'Loan to Cost' (LTC) for qualified bidders
  • Minimal Wyndham change of ownership PIP expected upon transfer of franchise and sale of asset with 18-month deferment on full PIP requirements
  • Situated adjacent to Interstate 94 with direct visibility and easy accessibility to upwards of 100,000 vehicles passing the location daily
  • Adjacent to Gurnee Mills Shopping Mall, which attracts more than ~ 20 million annual visitors
  • Located less than two-miles from Six Flags Great America, attracting three million annual visitors, and Great Wolf Lodge, a year-round indoor water park which recently underwent a $60MM renovation
  • Proximate to all broader Lake County demand including the area’s newest business park, Bridge Point North, an industrial development which will boast two-million SF of space, Abbott Laboratories’ corporate headquarters, and the Great Lakes Naval Training Center, home to approximately 40,000 naval recruits annually

Listing Agents

Mike Schlictman
T | 803.920.4173
Email

Bennett Webster
T: 312.339.3698
Email

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