Auction the Last Key Move for Holiday Inn Express in West Chester

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building behind a tree
Image via Google Maps.

Following foreclosure, the Holiday Inn Express & Suites in West Chester is headed for auction, with bidding expected to start on Feb. 28 and end on March 2. Laura Smythe checked out the details for the Philadelphia Business Journal.

The 75-room hotel will be offered at auction on digital auction platform Ten-X, with a starting bid of $1.9 million.

The property, which falls under the IHG Hotels & Resorts umbrella, entered foreclosure at the start of the year after originally defaulting on a $6.55 million loan in April 2020. The hotel is currently 10 months late with its payments on the remaining $5.55 million balance.

A receiver took over the hotel’s operations in June from Brandywine Hospitality. The hotel’s owner first took out the loan from commercial real estate lender Starwood Property Mortgage in July 2015. That loan is managed by Wells Fargo.

The hotel’s value has decreased by more than 27 percent since that first loan was booked, going from $9.4 million in May 2015 to $6.8 million in December 2020.

Read more about Holiday Inn Express & Suites in the Philadelphia Business Journal.

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