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    Park Place Hotel

$2,310,000 - Kansas City, MO

Hotel

Challenge
Bank Owned

The lender had recently acquired the 328-room hotel through a foreclosure process. The bank chose to divest the hotel on a date certain (the auction) rather than attempt to operate the property.

Solution
Sheldon Good & Company implemented an international auction program. The marketing focused interest on the hotel's upside potential within its competitive set.

Results

  • 191 inquiries from 32 states, Canada, and the United Kingdom
  • 4 bidders

Sold for $2,310,000 (230% more than the appraised value)