Robert J. Pliska, CRE, CPA, owner and managing director of SVN| Property Investment Advisors, LLC arranged a $1.9 million cash “as is” sale of the 117 room Clarion Inn & Suites in Michigan City, Indiana.
Purchaser, Raj Patel and his partners, are regional investors and operators with hotels in the Indiana and the Michigan market. Seller was R and K Investment Corp who owned and operated the property for many years through a local family that at one time owned several hotels.
Michigan City, Indiana is located on the south shore of Lake Michigan – a little over an hour drive from downtown Chicago. Nearby shopping areas include many retailers such as Kohl’s, TJ Maxx, Wal-Mart, Lowes, Menards, Marquette Mall and the Lighthouse Outlet Mall with 120 stores. There are many restaurants, shops, banks, the Indiana and Michigan beaches, recreation areas, zoo and the nearby Blue Chip Casino. A new $180 million hospital is under construction directly across the street from the hotel.
