PRICE REDUCED! The Holiday Inn Express in Coldwater MI is an 80-room, indoor corridor, and three-Story hotel built in 1998. The property currently out performs all other properties in the local market including the STAR Comp Set. The Hotel is situated off of Interstate 69 at Exit 13 in Central Southern Michigan near the Michigan/Indiana/Ohio border. With a 2005 renovation, the property has maintained strong franchise inspection scores and great physical condition. August 2007 QI Report shows 99.27% for Condition and Cleanliness. Offered at a 10.0% CAP and 14.4% Cash on Cash, the property currently performs at an NOI of 37% of Gross Room Revenue. Solid market conditions and stable management have created the conditions for the property to excel. Offered at $81,250 per room, this investment represents a stable, income-producing property at below replacement costs.
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