First Bid Meets Reserve | Lender-Driven Sale 500 Hamilton Blvd 323 Chambres d’hôtel Services hôteliers Vente aux enchères en ligne Peoria, IL 61602

First bid meets reserve at $3,250,000.

Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 323-room Four Points by Sheraton Peoria located at 500 Hamilton Boulevard in Peoria, Illinois. Having been fully redeveloped/repositioned in 2020 with a construction budget of approximately $40 million, about $125,000 per key, the Four Points Peoria provides a new owner the ability to acquire a recently renovated, nine-story, concrete and steel constructed hotel, with a best-in-class Marriott affiliation/loyalty program at a highly attractive basis far below replacement cost. The asset is being offered fee simple, non-union, and unencumbered of management, permitting a potential buyer to implement tailored revenue management strategies that align the asset’s top-line performance with market-level RevPAR, while simultaneously allowing a new operator to drive operational efficiencies and cash flow. Moreover, a new owner will benefit from a reduction in property taxes through a long-term TIF terminating in 2031 (see details/documents in TIF folder within the data room).

The Four Points Peoria boasts a diversified amenity base that includes more than 20,000 square feet of meeting space, the most meeting space in downtown, and the second most meeting space in the region. Trailing only the Embassy Suites across the river in East Peoria, the hotel offers a full-service restaurant, Craft309, an indoor pool with a hot tub and splash zone, and a distinguished product offering, inclusive of 35 expansive suites that each feature their own separate living area. Parking is offered through an off-site parking garage adjacent to the hotel for $10 a day.

The asset is ideally located on a corner-block in the epicenter of Downtown Peoria, offering unrivaled access to the city’s diverse mix of demand generators, such as the Peoria Riverfront Museum, Bradley University, Peoria Zoo, Peoria Riverfront Park, and Peoria Civic Center, which features more than 110,000 square feet of exhibit space, making it the largest convention facility in downstate Illinois. The property is also able to capitalize on corporate demand stemming from prominent organizations such as Caterpillar Inc., in addition to the tenants occupying the 5.6 million square feet of office space within the downtown area. Furthermore, the asset is connected to regional amenities like the Louisville Slugger Sports Complex and the surrounding region via Interstate 74. The General Wayne A. Downing Peoria International Airport (PIA), which has fully recovered to year-end 2019 passenger traffic, is just a 13-minute drive from the hotel.

There are currently no new hotels under construction in Peoria County and only one hotel in planning, providing ideal conditions for a new owner to stabilize the recently renovated hotel.

Property tours are available by appointment only. Please contact the broker to schedule.

Broker of Record: Peter W. Evans with Berkadia IL license #481012004.