Former MetroPlex to Be Auctioned May 7
GIRARD, Ohio --– The former Holiday Inn MetroPlex will go up for auction May 7. The property, which opened in 1987 under the Holiday Inn banner, operated until recently as a Rodeway Inn & Suites, abruptly closing last month following a pair of fires.
The auction will take place at the Crowne Plaza Hotel, Independence, following onsite inspections scheduled for 2-4 p.m. April 15 and 22 and a May 3 inspection set for 1-3 p.m. The Girard property is one of 25 properties that Chartwell Auctions LLC will offer at the 11 a.m. auction scheduled for May 7.
The property was up for sale at an online auction last fall but did not sell.
A news release by Hanna Chartwell Commercial Real Estate, Cleveland, notes the hotel has been closed for remodeling since mid-March. Its ownership group, identified as Aswin Ganapathy Hospitality Associates LLC, “had a recent setback when one of the main investors was rushed to the hospital” and decided to sell the asset rather than remodel.
A reserve price of $995,000 has been set for the property, with authorized bidding to commence at $735,000. “AGHA wanted to send a clear message to the marketplace that they mean to sell this asset,” said Gordon Greene, broker and auctioneer with Hanna Chartwell. The published reserve price “is hardly $2 per square foot for the 470,000-square-foot building,” he noted.
The building features 153 rooms and suites, 16,000 square feet of meeting space and parking for about 650 vehicles.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.