Hilco Real Estate Announces the Sale of an 88-Room Extended Stay Towneplace Suites by Marriott in Vincennes, Indiana

May 25, 2021, 14:13 PM by Mike Ermitage

townplacesuites

Hilco Real Estate LLC announces the bid deadline of Wednesday, June 16 for a three-story, 88-room, Extended Stay TownePlace Suites by Marriott. Located at 1320 Willow Street in Vincennes, IN, this limited-service hotel was renovated in late 2018 and features an array of amenities for guests visiting the area.

Originally built in 2011 with 64 rooms, the TownePlace Suites in Vincennes added 24 rooms in 2015 and completed another renovation later in 2018. Now, the hotel includes a total of 88 rooms, each containing a fully functional kitchenette, as well as an indoor pool and whirlpool, fitness room, business center, market pantry, guest laundry, outdoor covered grill area and breakfast seating for approximately 50 people. Local demand drivers include Good Samaritan Hospital, Vincennes University, Toyota Manufacturing and its supply vendors and group events for various occasions.

Vincennes is a city of approximately 17,000 people found directly on the Wabash River, which divides Illinois and Indiana, and the city is centrally located between Indianapolis, Louisville and St. Louis. Less than two miles from TownePlace Suites is Vincennes University, which enrolls approximately 17,000 undergraduate students every year and attracts visiting family members, collegiate athletes, and other out-of-town guests seeking nearby hotel accommodations. The 158-bed Good Samaritan Hospital is located one mile up the street from the hotel, and the community healthcare facility, along with its 1,900 employees, offers a broad range of medical services as well as some of the most progressive technology available today. Toyota Motor Manufacturing is only 30 minutes away in Princeton, Indiana, and regularly brings outside vendors to the area in addition to their 5,500 employees. Furthermore, a recent article from Industry Week reported that Toyota will add 1,400 new jobs through the production of two new SUVs at the Indiana plant, showcasing the strong economy within the area. For out-of-town guests visiting for leisure, Vincennes has a wide variety of historical attractions such as the Indiana Military Museum, Fort Knox II and George Rogers National Historical Park, home to the largest national monument outside of Washington D.C. 

Jeff Azuse, senior vice president at Hilco Real Estate said, “This hotel is completely up to date due to its latest renovations, and the building looks superb.” He continued, “Between the college campus, nearby hospital, and Toyota Motor Manufacturing plant, there’s plenty of reasons people come into Vincennes; and this is the place to stay. Ultimately, this sale provides an incredible opportunity for a variety of developers, investors and end users alike.”

The offer deadline is Wednesday, June 16 at 5:00 p.m. (CT). On-site inspections will be held by appointment only on Wednesdays, May 26 and June 2. For further property details or to schedule an on-site appointment, please contact James Keith at (270) 304-1020 or jkeith@hilcoglobal.com. For further information on the property, an explanation of the sale process and Terms of Sale, and to obtain access to the Virtual Data Room containing all the property due diligence, please visit HilcoRealEstate.com.

For more information about this or other properties available for sale, please visit HilcoRealEstate.com.

 

About Hilco Real Estate

Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.