Holiday Inn to hit auction block with $1M opening bid

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

A Holiday Inn hotel along Interstate 69 just north of 96th Street in Fishers is scheduled to hit the auction block next month with a suggested opening bid of $1 million.

The 78-room hotel at 9780 North by Northeast Boulevard, built in 1994 and renovated in 2004, is owned by Fishers-based Dora Brothers Hospitality Corp.

Dora decided to sell the property after it could not secure financing from lender Regions Bank to add a restaurant to replace a vacant former Bennigan's, said Tim Dora, a company principal. Holiday Inn hotels must offer food service.

The hotel sits next door to a Holiday Inn Express and across the street from a Hotel Indigo and Hilton Garden Inn, all of which also are owned by Dora. The restaurant site, which has a separate owner, is not part of the auction.

The franchise agreement with Holiday Inn is set to expire Sept. 31, giving a new owner an opportunity to rebrand and reposition the property as a limited service hotel, Douglas Johnson of CB Richard Ellis Auction Services, which is handling the sale, said in a statement.

In sales materials, CB Richard Ellis describes the sale as "bank forced." Regions didn't want any more hotel loans, and the property's value exceeds what Dora owes on its loan, Dora said.

"The partnership just came to the conclusion it's just easier to sell it, pay the lender and move on," he said.

The auction is scheduled for 1 p.m. Aug. 31 at the adjacent Fishers Hospitality & Conference Center. Registration begins at noon, and a depoisit of $50,000 is required to bid.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In