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$400K PRICE REDUCTION!!! Holiday Inn Muskegon Harbor MI (ID: 14617)
Hotels Over 100 Rooms | Muskegon, Michigan, United States |
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| Price: |
USD 8,200,000 |
| Status: |
Active |
| Rooms: |
200 |
| Year Built: |
1984 |
| Lot: |
3 ACRES |
| Construction: |
139700 SF |
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Property Description |
$400K PRICE REDUCTION!!! The Holiday Inn Muskegon Harbor is a 200 room full-service property located in the western region of Michigan, just one block from Lake Muskegon. Originally built in 1984 as a Hilton, the 3.1 acre site includes the main hotel building of approximately 139,700 square feet and a 500-car parking garage. As the largest hotel and conference facility in the city, the Holiday Inn Muskegon Harbor serves all aspects of the hospitality market from travel and leisure to corporate and group business.
Offered at $41,000 per room, far below replacement costs, this investment offers the buyer solid income and earning potential from this well established full-service hotel. With a consistent base of business, this property offers the investor the opportunity to capitalize on a market and city that has yet to realize the full impact of its economic revitalization already under way. In 2005, the Muskegon Downtown Redevelopment Plan began converting a 23 acres site formerly known as the Muskegon Mall into a multi-developer location. The plan includes the restoration of some historic buildings that began in 2005 as well as a focus on economic development and revitalization. The Holiday Inn Muskegon is directly adjacent to this area and has already begun to realize this growth.
The subject property is also near the "Tax-Free Renaissance Zones" which are areas designated as virtually tax free for any business or resident in, or moving into the zone. They are designated to provide selected communities with the most powerful market-based incentive - no taxes - in order to spur new jobs and investment. The zones vary from 10 to 210 acres and cover nearly all taxes including state, local, business, personal income, education taxes, etc. Even though the Holiday Inn Muskegon is not located directly in one of these tax-free zones, it benefits from the growth attracted by this city incentive.
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