Holiday Inn Express Wisconsin Dells, WI – Loan Sale

Listing Agents

Andrew Makhlouf
T | 312.610.9067

Brent Clemens
T | 312.402.2959

Detailed Information
Property Highlights
  • $9.25M non-performing loan collateralized by the fee-simple interest in the Holiday Inn Express Wisconsin Dells
  • Non-performing loan is being offered for sale in the December 15th Auction event on TenX
  • The Note was originated in January 2016 with a 10-year term, 30-year amortization, and interest rate of 4.949% where the balance is approximately $8.7MM as of November 2021
  • The Note was transferred to special servicing in March 2020 and a receiver appointed in June 2020 with borrower failing to make the February 2020 payment citing new supply and COVID-19 related disruptions to the hotel operations
  • A settlement was reached in December 2020 that allows a stipulated foreclosure with Borrower waiving the right or redemption
  • The hotel collateral consists of a three-story, 114-room, limited service Holiday Inn Express asset originally constructed in 1998, repositioned as a Holiday Inn Express in 2007, then renovated between 2016 and 2018, and in 2018 was converted to a “Formula Blue”
  • Top branded asset in one of the most popular drive-to leisure markets in the Midwest known as the “Waterpark Capital of the World”
  • Situated on US Hwy 12 (Wisconsin Dells Parkway) just north of I-90 – which connects the Twin Cities, Wisconsin Dells, Madison, Milwaukee, and Chicago – with over 11k vehicles passing the location daily
  • Proximate to all broader Wisconsin Dells area demand including, Noah’s Ark Waterpark, Mt Olympus Water & Theme Parks, Khalahari Convention Center, Outlets at the Dells, Spring Brook Golf Course, Christmas Mountain Golf, Christmas Mountain Village, Cascade Mountain, Ho-Chunk Gaming, Lake Delton, Sysco Baraboo, and Teel Plastics
  • Ideally located in the Wisconsin Dells market, one of the largest drive-to leisure demand markets in the Midwest, which is well positioned to recover quicker than other markets with the pent up demand, the percentage of the population already vaccinated, and the easing of travel restrictions
  • In 2019 the Wisconsin Dells hosted over $4MM visitors who spent over $1.6BB – the bulk of that spending was on lodging