SpringHill Suites Grand Rapids North 450 Center Dr 76 Hotel Rooms Online Auction Sale Grand Rapids, MI 49544
INVESTMENT HIGHLIGHTS
- Fee simple interest in the 76-room SpringHill Suites Grand Rapids North.
- Offered as part of a five-property portfolio, with all properties being sold individually.
- Strong operational upside in transitioning the asset out of institutional ownership and third-party management.
- The asset will be available for purchase in the May 7th auction event via Ten-X.
- Property offered unencumbered by management and debt and at a significant discount to replacement cost.
- Adjacent to the heavily trafficked US Highway 131 and Interstate 96 intersection with upwards of 98,000 vehicles passing the location daily.
EXECUTIVE SUMMARY
Ideally located within the heavily trafficked Michigan Highway 37 commercial corridor and walkable to numerous amenities and nationally recognized restaurant chains.
Readily accessible to all corporate demand including Meijer Headquarters, Amway Headquarters, and Gentex Corporation.
Seamless Connectivity to all regional leisure demand including downtown Grand Rapids, Van Andel Arena, Grand Rapids Art Museum, and Grand Rapids Children’s Museum.
Proximate to all healthcare-related demands, including Grand Rapids Medical Mile and Spectrum Health’s Butterworth Hospital – the single largest employer in Grand Rapids and one of the largest hospitals in the state.
Proximate to Grand Rapids Gerald Ford International Airport, which saw a record ~4.2MM passengers in 2024 - nearly a 10% increase of the prior record in 2023.
Planning is well underway for the Grand Rapids Gerald Ford International Airport $600MM Elevate expansion program which includes a new 90,000-square-foot Concourse A.
Optimal time to be investing in Grand Rapids amidst multiple large-scale developments, including the $700MM Transformational Brownfield Plan by Grand Action 2.0.
Broker of Record: Kristen Zimmerman, MI License #6504411293
Readily accessible to all corporate demand including Meijer Headquarters, Amway Headquarters, and Gentex Corporation.
Seamless Connectivity to all regional leisure demand including downtown Grand Rapids, Van Andel Arena, Grand Rapids Art Museum, and Grand Rapids Children’s Museum.
Proximate to all healthcare-related demands, including Grand Rapids Medical Mile and Spectrum Health’s Butterworth Hospital – the single largest employer in Grand Rapids and one of the largest hospitals in the state.
Proximate to Grand Rapids Gerald Ford International Airport, which saw a record ~4.2MM passengers in 2024 - nearly a 10% increase of the prior record in 2023.
Planning is well underway for the Grand Rapids Gerald Ford International Airport $600MM Elevate expansion program which includes a new 90,000-square-foot Concourse A.
Optimal time to be investing in Grand Rapids amidst multiple large-scale developments, including the $700MM Transformational Brownfield Plan by Grand Action 2.0.
Broker of Record: Kristen Zimmerman, MI License #6504411293
DATA ROOM Click Here to Access
- Operating and Financial Statements
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Financing Available
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted Rooms
999
999
999
Average Rooms
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Room Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Room
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
Months to Sale
9.9%
9.9%
9.9%
-
Market Sale Price per Room
Grand Rapids & Michigan West USA
Market Cap Rate
Grand Rapids & Michigan West USA
Market Sale Price per Room by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Cap Rate by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Sale Price per Room Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 1.84 AC |
| Building Size | 47,394 SF |
| No. Rooms | 76 |
| No. Stories | 3 |
| Year Built/Renovated | 2002/2011 |
| Tenancy | Single |
| Parking Ratio | 2.11/1,000 SF |
| Corridor | Interior |
AMENITIES
- Business Center
- Fitness Center
- Pool
- High Speed Internet Access
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
- Digital key
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 76 | $209.41 CAD | - |
ABOUT GRAND RAPIDS - GRAND RAPIDS & MICHIGAN WEST
Grand Rapids, Michigan, is situated in the western part of the state along the Grand River. The city is well-positioned geographically, equidistant from Chicago, Detroit, and Fort Wayne, facilitating access to larger cities.
The Grand Rapids economy is driven by manufacturing, healthcare and education. Major manufacturers include Steelcase and Herman Miller, which are major players in office furniture manufacturing. Other corporations with a presence in the region include Amway, regional retailer Meijer, automotive supplier Gentex Corporation and Bissell. Additionally, there are 12 colleges and universities in the Grand Rapids area, with just over 64,000 students in 2024. These sectors attract business travel and conferences to the city, many of which are held at the DeVos Convention Center.
A mix of cultural, recreational and culinary experiences drives leisure tourism. The city’s top attractions are the Frederik Meijer Gardens & Sculpture Park, the Grand Rapids Art Museum and the Urban Institute for Contemporary Arts. Additionally, Grand Rapids’ history is showcased at the Gerald R. Ford Presidential Museum, where visitors explore exhibits about the 38th President of the United States.
Interstates 96, 196, and US Route 131 help make Grand Rapids a regional transportation hub. The Gerald Ford International Airport handles over 100 daily flights connecting to 30 nonstop destinations.
PROPERTY TAXES
| Parcel Number | 41-13-01-327-001 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $4,731,108 CAD |
ZONING
| Zoning Code | Commercial |
SALE ADVISORS
SALE ADVISORS
Joseph Cuomo, Principal & Founder
(646) 425-5632
Contact
Joseph Cuomo is a principal and founding member of Alchemy Real Estate Advisors (AREA). He brings 25 years of commercial real estate experience in investment sales, capital markets, special servicing, and investment banking to the Alchemy team. Before founding Alchemy, Joseph oversaw Ten-X’s institutional auction sales platform and personally transacted more than $2 billion of commercial real estate. Before that, Joseph managed LNR Partners’ loan sale advisory business and founded Lighthouse Advisory Services, a commercial real estate consulting firm. Joseph’s earlier roles include Vice President at Merrill Lynch, specializing in CMBS securitizations, and various roles at Deutsche Bank Securities and Ernst & Young. Joseph graduated cum laude from the University of Miami and holds a Bachelor of Business Administration degree.
Adam Montufar, Principal & Founder
(312) 576-2011
Contact
Adam Montufar is a principal and founding member of Alchemy Real Estate Advisors (AREA). Adam brings nearly two decades of experience and has held positions with multiple blue-chip hotel investment advisory firms and large national banks. This includes prior roles with NAI Global Hotels, Wells Fargo, and US Bank. Before founding Alchemy, Adam was a Senior Managing Director at Paramount Lodging Advisors, leading nearly 250 hotel and hotel non-performing loan transactions. He earned his bachelor’s degree in economics from the University of Iowa. Adam is highly regarded as a prominent business leader in the Des Moines market and is involved in various area boards and philanthropic endeavors.
Bennett Webster, Principal & Founder
(312) 339-3698
Contact
Bennett Webster is a principal and founding member of Alchemy Real Estate Advisors (AREA). Bennett has overseen the sale of nearly $3 billion in non-performing hotel and hotel loan assets, encompassing over 300 transactions throughout his career. These transactions include asset and note sales on behalf of prominent national and multinational private equity firms, REITs, lenders, and servicers. This includes extensive experience with CMBS REO, receiver sales, and non-performing loan sales. Before founding Alchemy, Bennett was a Senior Managing Director at Paramount Lodging Advisors. Bennett earned his MBA in Real Estate Finance & Investment from DePaul University Kellstadt School of Business and his bachelor’s degree in finance from Bentley University.
Brent Clemens, Principal & Founder
(312) 402-2959
Contact
Brent Clemens is a principal and founding member of Alchemy Real Estate Advisors (AREA). Brent brings extensive expertise to the Alchemy team and over 20 years of experience in hotel investment sales. He started his career with CBRE’s hotel investment sales team and later served as Senior Managing Director at Paramount Lodging Advisors. Brent has personally managed over 300 hotel and non-hotel non-performing loan sales, totaling nearly $3 billion in market capitalization. These transactions include single-asset and portfolio sales for many of the industry’s top institutional investors, lenders, and special servicers. Brent earned his bachelor’s degree from the University of Notre Dame.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Molly Patten
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
CONTACTS
-
Joseph Cuomo -
Adam Montufar -
Bennett Webster -
Brent Clemens -
Alchemy Real Estate Advisors, LLC
