National Commercial Auctioneers [www.natcomauctions.com] has scheduled to sell to the highest bidder two operating hotels in Oklahoma. One property is a 139 room Quality Inn next to Oklahoma State University in Stillwater and the other property is a 138 room Quality Inn located in Ponca City. Both properties are managed by a Court appointed receiver.
“These properties have exceptional upside potential given their excellent locations, size and features,” comments Stephen Karbelk, CAI, AARE, President and Founder of National Commercial Auctioneers, the commercial real estate auction company hired by the Receiver to liquidate the properties. “These full-service properties have a history of generating over $1.3 million a year in cash flow and I think there is even more upside.”
For the hotel operator that is looking to invest in the college town environment, the Quality Inn Stillwater hotel is perfect. With its 20,000+ person student body and its NCAA Division 1 rating, Oklahoma State University is an established university with significant long-term growth plans.
In Ponca City, this property is located right on Hwy 77 and benefits from the nearby ConocoPhillips facility that employs approximately 1,500 people. Ponca City is host to the Grand National Moto-Cross each summer and the famous 101 Ranch Rodeo. Currently under construction is the 46 acre $21,900,000 Ponca City Family Aquatic Center YMCA that will open in late 2010. This property also has two local hot spots - Hero’s Restaurant and Spirits Lounge. Both are popular establishments frequented by locals and even attract local and regional live entertainment.
The auctions are scheduled for April 2, 2010 starting with the Stillwater property at 11:00AM and the Ponca City property at 3:00PM. All auctions will be held on-site. The properties will also be open for inspection by prospective buyers on March 22nd and March 29th from 10:00AM to 3:00PM plus the day of the auction and by appointment, as needed. The properties will be sold to the highest bidder.