Catylist ID: #30750814
Apartment Conversion Opportunity
Hospitality for Sale
|Catylist Listing ID:||30750814|
|Property Subtypes:||Convention Center|
|Number of Units:||197 Units|
|Building Size (RSF):||158,390 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||8.50 Acres|
|Sale Price:||See Agent|
|Property Use Type:||Investment, Vacant/Owner-User|
|Building Name:||Former Clarion Hotel Convention Center|
|Sale Terms:||Undisclosed, Cash to Seller|
Overview / Comments
Former hotel and convention center located along a highway on the north side of Evansville, IN, near the regional airport. This property most recently carried a Clarion flag and was a full-service 197-room hotel and includes 17,000 SF of conference space with a bar/lounge area and indoor pool.
The hotel closed its doors in December 2014 and a complicated ground/operating lease structure clouded the title preventing further use of the building. The current owners acquired the property in 2019 as part of a package sale and were able to clean the title. The owners are now able to offer the property for sale and deliver fee simple title to a buyer.
Even though the hotel was remodeled last in 2011, most of its FF&E was sold off under a prior owner and the property will need significant capital investment. The building does offer a good 'core' masonry construction, is located in a growing area, and has excess land that could be developed for other uses.
This presents well as a redevelopment opportunity into multifamily. The north side submarket has seen the majority of the residential growth in this region and very little MF development. The location is close to industrial employers and could see some demand for moderately priced housing.
Attachments & Media
|Largest Nearby Street:||US Hwy 41|
|Total Number of Buildings:||1|
|Number of Stories:||2|
|Water Recreation:||Indoor Pool|
|Total Parking Spaces:||230|
|Heat Source:||Wall Units|
|Proximity:||1 mile||3 miles||5 miles|
Scott Edmond CCIMSVN | The Martin Group ICREX Member
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