FOR SALE BY COURT APPOINTED RECEIVER
VALUE-ADD HOTEL RESORT INVESTMENT OPPORTUNITY
Online bidding only. Auction ends Wednesday, April 19th @12 Noon
Court Appointed Receiver, Prodigy Properties, is pleased to present the opportunity to acquire the Quail Hollow Resort, a landmark hotel just south of Painesville OH. Located at 11080 Concord Hambden Rd., this three-story, full service hotel is immediately off I-90 and only 25 minutes from downtown Cleveland. The 168,918 SF hotel features 176 guest rooms, a restaurant, multiple bars, sauna, indoor and outdoor pool, fitness room, and ample meeting/banquet space. Situated on 12.55 acres, the hotel adjoins the Quail Hollow Country Club, a premier private club featuring two 18 hole courses, on over 700 wooded acres. The location provides easy access to many local amenities including the Cleveland Browns, Cavs, and Guardians, the Rock and Roll Hall of Fame, local wineries, Lake Erie recreational activities and much more.
The hotel most recently was flagged by Wydnham’s Trademark Collection but has been closed since the onset of COVID – 19. The property is being offered with a reserve price that is drastically below replacement cost and provides the new owner the opportunity to rebrand/reflag or redevelop. The sale also includes an adjacent 1.44 acre parcel for additional parking or future development.
Property will be sold free and clear of all liens, with property taxes prorated and paid off to the day of closing. Receiver may, in its sole discretion, accept or reject any bid or offer for any reason, at any time, without notice. No representations, warranties, or guarantees. Bidding is scheduled to conclude on 04/19/2022 at 12 Noon ET. A 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price. Immediately following the conclusion of the auction, the high successful bidder must wire transfer a 10% deposit of the final purchase price net of the $25,000 participation deposit.
AERIAL 360 Virtual Tour
To view property or obtain access to our Virtual Data Room, prospective buyers and agents must:
– Complete and submit a Confidentiality Agreement (“View Here”)
Do not trespass, contact the hotel, staff or management. All tours and inquires should: Email [email protected] with your name, a signed Confidentiality Agreement (agents name if applicable, and any other attendees), and the date and time you would like to attend, we will get back to you with scheduling.
To be approved to bid, prospective bidders must submit the following:
– Create an account on www.foreclosureauctions.com
– Complete and submit a Purchase and Sale Agreement (“View Here”)
– Submit proof of immediately available funds of at least the minimum bid of $1,700,000
– Wire a $25,000 participation deposit to the escrow account of the Receiver
– Have otherwise met all other reasonable requirements of the Receiver
– To have bidding privileges unlocked, please email the following to [email protected]: 1) executed Purchase & Sale Agreement 2) a current Proof of Funds letter 3) prospective bidder’s username and email 4) a wire receipt for prospective bidder’s participation deposit.
Licensed Ohio real estate agents seeking a commission MUST meet the associated requirements by properly registering themselves as the agent through the link within each individual auction their client will be bidding on before their client places any bids whatsoever – NO EXCEPTIONS. The rest will be up to the buyer, as they will have to successfully register themselves as an individual or company, pre-authorize their card within each individual auction they will be bidding on, and place their bid(s) on their own.
***** The agent does not place bids on behalf of the buyer *****
Photos, marketing comments, and due diligence items are provided for guidance purposes only. All information provided is believed to be true, but cannot be guaranteed. It is up to the bidder to verify due diligence reports and any / all code violations prior to bidding, to the extent any exist. BY BIDDING ON THIS PROPERTY, THE BIDDER REPRESENTS THEY HAVE INDEPENDENTLY VERIFIED ALL INFORMATION AND HAVE MADE THE DECISION TO BID BASED UPON THEIR OWN INVESTIGATION.
Key sale points:
- The opening bid is $1,700,000 with an unpublished reserve price.
- Property is sold 100% AS-IS, WHERE-IS, with all faults, to the extent any exist.
- Property is sold subject to any / all code violations, to the extent any exist.
- Property is to be sold subject to court approval
- Receiver reserves the right to accept or reject any bid or offer, at any time prior to or subsequent to auction end, for any reason.
- Information contained in any advertisement is not guaranteed or warranted.
- No contingencies will be accepted, except the Seller’s ability to convey insurable title.
- Property will be sold free and clear of all liens.
- Property taxes will be prorated and paid off to the day of closing.
- Absolutely no financing contingencies.
- Absolutely no inspection contingencies.
- 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.
- 10% deposit of the final purchase price must be immediately wired to the Receiver’s title company net of the $25,000 participation deposit.
- The terms of the sale are fully set forth in the Agreement and are not negotiable.
DISCLAIMER AND WARNING: Property will be sold as-is, where-is, without any warranties or representations by the Receiver. The information contained in any advertisement is for informational purposes only and the Receiver makes no representations or warranties as to their truth or accuracy. The information was compiled from a variety of sources, including the public record. However, the Receiver has not independently verified any of the information and potential purchasers rely on it at their own risk. All potential purchasers are advised to perform their own due diligence.
