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Auction Date:
Tuesday, June 19th, at 1pm. Auction will be conducted at the hotel.
Lender Ordered Hotel Auction with
Minimum Acceptable Bid Only $785,000 ($3,178 per key)
The highest bid at or above this amount will definitely be accepted by
the seller
Property Address:
500 Merrimac Trail, Williamsburg, VA 23185
Property Highlights:
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247 Room, full service hotel
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Fully Furnished and Equipped
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20,000+/- sf of meeting space,
business center
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Kitchen, restaurant, lounge, pub,
lobby barista
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Indoor pool and whirlpool
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Fitness center with steam rooms
and saunas
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Over $4 million in renovations
completed since 2007
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Renovations include new roof
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Hotel is unencumbered by
franchise and management agreements
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Excellent conversion opportunity
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PIPs for several flags available
for review
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Convenient to all modes of
traffic and local businesses
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Convenient to colonial
Williamsburg, Yorktown, Jamestown, College of William & Mary,
Anheuser-Busch, Inc. / InBev, Northrop Grumman,
Busch Gardens, Water Country USA,
and other area attractions and employers.
Property Flyer & Investment
Memorandum:
Auction Questions:
Contact Interstate Auction Company:
404-303-1232 ext 30 or
info@interstateauction.com
Property Inspection:
By appointment. Contact David
Butchello: 757-254-1746
david.butchello@thalhimer.com
Final Inspection/Open
House: The property will
be open for final inspection on Tuesday, June 19th from 9am to 12pm.
Directions to Hotel:
From I-64, take exit 238 for VA-143
Merrimac Trail 1.1 miles towards Williamsburg. Bear left to stay on
Merrimac Trail and proceed 1 mile to 500 Merrimac Trail on the right.
View Larger Map
Photos:
Click on Image To Enlarge:
Call for disclosure information &
bidding instructions.
Sperry Van
Ness/INTERSTATE AUCTION COMPANY
404-303-1232
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Property Document Vault
Register for complete access to the
Confidential Property Document Vault for this auction:
Before registering,
please read the
IAC Due Diligence Statement.
All property
disclosure documents may not be available at this time.
Be sure to check back as auction documentation is added
frequently. |
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Terms:
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Auction Purchase & Sale Agreement (Contract):
The high bidder will sign the Auction Purchase &
Sale Agreement identifying the parties, sale price,
closing date and other terms of the sale. This
document is available for review on the website
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Buyer’s Premium: An 8% buyers premium will be
added to the high bid to determine the purchase
price. For example, if the high bid is $2,000,000,
an 8% buyer’s premium equal to $160,000 will be
added to the high bid and the purchase price will be
$2,160,000. The purchaser will make the required
$100,000 initial down payment. The buyer will
increase the down payment to 10% of the purchase
price within 48 hours. In this example, the
purchaser will wire an additional $116,000 to the
escrow agent. The balance of the purchase price
$1,944,000 will be due at closing by July 19th. If
the purchase price is less than $1,000,000, the high
bidder will not be required to increase the down
payment beyond the initial down payment of $100,000.
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Initial Down Payment: $100,000 cashier’s
check payable to the Bidder/Purchaser. Check will be
endorsed payable to the escrow agent.
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Closing: Closing shall be completed by 4pm on
Thursday, July 19, 2012.
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Conveyance of Title: Good and Marketable
Title will be conveyed by Limited Warranty Deed
Please review any additional terms and conditions in the
Bidder’s Affidavit, Auction Purchase & Sale Contract and
Addendum, and other documents shown on this page. |
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