Marcus & Millichap Real Estate Investment Services has gained the exclusive listing to market the Holiday Inn Hotel & Suites Bloomington-Airport, a 126-room full-service hotel in Bloomington, Ill., located adjacent to the Central Illinois Regional Airport. The list price of $18 million equates to a 9.3 percent cap rate on the trailing 12-month income.
Jim Walsh, senior vice president of investments in Marcus & Millichap’s Chicago downtown office; Gordon Allred, vice president investments in the firm’s Ontario, Calif., office; and Brent Bradshaw, an associate in Indianapolis, are representing the seller, a local developer.
“This Holiday Inn is both business-friendly and family-friendly,” said Allred. “It is centrally located near State Farm Insurance’s corporate headquarters and many area attractions, including the Prairie Aviation Museum, Upper Limits Rock Gym, Miller Park Zoo, the David Davis Mansion State Historic Site and the Challenger Learning Center. There are also two universities in the immediate area, Illinois Wesleyan University in Bloomington and Illinois State University in nearby Normal.”