The church would be demolished to make way for the hotel. The company is proposing to build a new hotel on 3.62 acres of property currently home to Resurrection Life Church behind Books-A-Million. The project was proposed by North Michigan Hospitality Management, a group that also manages Fairfield Inn & Suites by Marriott Traverse City next to Sam’s Club. The property includes the four-story, 179-room hotel and 600 feet of West Grand Traverse Bay frontage.Ī new three-story, 95-room Fairfield Inn is being proposed in the Crossing Circle shopping center in Garfield Township. It is the ideal option for business and leisure. But sources in the industry say the hotel is for sale for more than $20 million. Set in Traverse City, Michigan, Hotel Indigo offers industrial-chic accommodations and generous amenities. West Bay Beach, A Holiday Inn Resort has been listed for sale the asking price is “undisclosed,” and inquiries to the listing agent were not returned. It’s difficult for me to say without knowing the hotel’s revenue, but for an established investor like this to make the purchase, my guess would be that the numbers justify. acquires and owns a “diversified portfolio of hospitality properties consisting primarily of existing extended-stay, select-service, and compact full-service hotel properties that are classified in the ‘upper midscale,’ ‘upscale,’ and ‘upper upscale.’”Ĭommenting on the sale and the sale price, local commercial real estate broker Kevin Endres of Three West tells The Ticker, “Someone builds something like this for 'x' and sells it for 'y' based less on the real estate and more as a business investment and on the ongoing revenue. The acquisition marks Procaccianti Hotel REIT’s first Michigan hotel the company has owned, operated, developed, or financed hotels and other properties in other 30 states.Īccording to its website, Procaccianti Hotel REIT, Inc. Jeff Schmitz, who originally developed, built, and was an owner of the hotel, declined to comment on the sale. Our wide range of fitness spa massages focus on muscle.
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Since its opening, Hotel Indigo has posted strong occupancy numbers, and its rooftop bar has been popular among locals. 2 Excellent 108+ Parking Airport shuttle Free Wi-Fi Pool Seasons Inn Traverse City 7.
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“We believe that the Hotel Indigo Traverse City is an exceptional, new vintage property with multiple built-in demand drivers – its rooftop bar, extraordinary design features, and other amenities make this premium- branded, select-service hotel a strong addition to our portfolio,” says Procaccianti Chief Financial Officer Gregory Vickowski.Ĭonstruction of the hotel took four-plus years, as delays occurred with financing and environmental contamination in the soil and groundwater, which was subsequently cleaned up. Hotel staff that remained after the sale are now employees of TPG Hotels & Resorts, the new hospitality management company operating the hotel. As an independent booking service offering over 100000 hotels worldwide, we can get you the same deals you expect with a bigger travel agency or direct from. The hotel, which opened in May 2016, was built for an estimated $17 million. purchased the 107-room hotel from Grand Traverse Hotel Properties on August 15 for $26.05 million. Rhode Island-based Procaccianti Hotel REIT, Inc. Traverse City’s Hotel Indigo has been sold. Guests can unwind at our sawmill-inspired rooftop bar (seasonal) for views of West Grand Traverse Bay paired with local craft brews and wine or dine in our elegant lobby bar looking at West Grand Traverse Bay.Hotel Indigo Traverse City Sold For $26 Million By Luke Haase The freshwater beaches of the bay nearby are ready for travelers to explore as well. Guests can start their day here with locally brewed coffee before heading out to taste Michigan's famous tart cherries - each July, the National Cherry Festival unfolds in front of the hotel in this city which, today, produces about 75 percent of the tart cherries grown in the United States. We also pay homage to its past - the kind of logging history that could sprout tall tales like Paul Bunyan's - with modern guest rooms featuring wood details a 19th-century white-pine lumber baron would love. Standing among revamped lumberyards, sawmills, and canneries, Hotel Indigo® Traverse City reflects the new life and vibrant spirit of our waterfront Warehouse District neighborhood. Overlooking West Grand Traverse Bay, in the midst of the vibrant Warehouse District of Downtown Traverse City, our lavish accommodations feature sophisticated touches designed with our story in mind. Hawks has managed hotels on Virginias Chesapeake Bay, the Milwaukee waterfront and now West Grand Traverse Bay.
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