Detailed Information
Location
Property Highlights
- Fee-simple interest in the 78-room Residence Inn Merrillville, IN offered at a fraction of replacement cost
- Property offered for sale in the February 21st Ten-X auction event
- Upscale, premium branded extended stay asset in a top-three MSA with T12 +$100 RevPAR and strong in-place yield for prospective investors
- Offered unencumbered by debt and management with the upside potential in buyer taking over management
- Ability to retain the Marriott flag for a long-term license upon completion of the PIP
- Situated along Interstate-65 and US 30 in Greater Chicagoland with upwards of 170,000 vehicles passing the location daily
- Proximate to all Merrillville area leisure demand including Southlake Mall, Deep River Waterpark, Lake County Fairgrounds, and Albanese Candy
- Corporate demand includes Fortune 500 company NiSource, hospitality management company White Lodging, and Centier Bank, Indiana’s largest private bank
- Located within 30 minutes of three casinos including Horseshoe Casino Hammond, Ameristar Casino, and Majestic Star Casino
- Proximity to educational institutions like Purdue University Northwest, Purdue Research Foundation, and Ivy Tech Community College
- Easily accessible to Chicago’s two primary airports – Midway International which recently completed a $74MM renovation, and O’Hare International Airport currently undergoing a massive $8.5B expansion and modernization
- Ideally located in the Chicago MSA, home to approximately 9.4MM people – the third largest MSA in the US – while being located outside of Cook County, limiting tax liability for a prospective owner