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    Suburban Extended Stay Hotel in Estevan 404 Kensington Avenue, Estevan - Lot 1500

    Item condition:
    Time Left:

    2d 32m 38s

     

    (Ends 7/24/19 1:00 pm CST)

    Current Bid:

    (Reserve not met - Enter $2,501,000.00 or more) Subject to a $1,500.00 Buyers Fee.
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    Location: 404 Kensington Avenue, Estevan

    Bid Details

    Last Bid: 7/21/19 11:43 am

    Location: 404 Kensington Avenue, Estevan

    PST: Normal

    Serial #: Lot: 30, Block: 221, Plan: 101922960, Ext: 0

    Quantity: 1

    Bid Increment: 1,000.00

    Overview



    Terms & Conditions and Purchaser's Responsibilities


    1. The Highest or Any Bid will not necessarily be accepted, and all offers are subject to Receiver and Court Approval.
    2. A formal agreement will need to be executed with the high bidder upon acceptance, covering closing, employees, inventory, etc. (draft (not finalized) of this agreement will be available for review prior to bidding, as a downloadable PDF from McDougall's Bidding Page).
    3. The Suburban Extended Stay Hotel Name is not required to be kept, Option is availale to obtain Choice Quality Inn and Suites Name, more details forthcoming. Please contact Cory for more details on this point.
    4. Each Party is responsible for their own Legal & Transfer Fees.
    5. Upon agreement to Sell the Purchaser will be required to pay a deposit to McDougall Auctioneers of 10% plus the Buyer's Fee and applicable taxes within 24 business hours.
    6. Remainder of funds and title transfer to occur as specified within the Formal Agreement.
    7. Terms within ''The Formal Agreement'' supersedes any other verbal or written terms and conditions.


    Detailed Description

    Features and Specifications

    Details: Suburban Extended Stay Hotel, located in Estevan, Saskatchewan (404 Kensington Avenue), provides a unique investment opportunity for potential suitors. The 134-room, 12-suite Hotel holds a strong 4.5 Star Rating in the local market, sitting on a 2.6-acre site in the commercial hub of Southeast Saskatchewan. Estevan, known as ''Energy City'', has its economy run on power generation, coal mining, agriculture manufacturing and oil and gas drilling. Being just 16 km north of the Canada/US border, Estevan also benefits from its access to North American markets. The city also holds appeal to outdoor enthusiasts.Saskatchewan has a rebounding economy, creating more long-term growth prospects for the Province's cities and their businesses. It boasts nearly two-thirds of the world's recoverable potash resources and is the 2nd largest exporter of uranium. Saskatchewan also promises to benefit from 21 natural resource projects over the next 10 years, with 27 Billion dollars in investments. This will also allow Estevan and its businesses within to grow and flourish. There have been no new developments in the lodging sector, with no hotels proposed or under construction. This absence of new competition will allow you to establish this property as the #1 hotel and top investment opportunity in Estevan.

    Located on a 2.62 Acre Lot, this hotel is ideally situated within the City of Estevan. Located on Kensington Avenue, a primary road throughfare within the city, and the first turn off into the city proper by travellers coming in on Highway 18 and North Portal (Canada & US Border Crossing). The property is located across the road from Walmart, Gas Stations, Restuarants, and more.

    Built in 2012 this Hotel added an additional 40 Rooms in 2014, by a modular construction process. This addition brought the total number of rooms to 134, 12 of which are Suites. All rooms contain a full kitchenette which includes a small refridgerator and freezer, sink, built in 2 burner stove top, microwave, and upper and bottom cabinets. All rooms contain a queen size bed, with either a 1 bed or 2 bed configuration. Suites consist of 3 different layout styles, with bedrooms, and living rooms differing in size.

    This hotel also contains a full kitchen, capable of preparing hot breakfasts and suppers (A current amenity offered by the hotel for all guests.) A large dining room looking out on a private greenspace behind the hotel. One of the guest suites have been converted into a small weight and workout room.

    This hotel has a warm and welcoming lobby, with the General Managers office located behind the guest services desk. also located within the lobby is a comfortable waiting area, and the single elevator for the hotel. Which is centrally located in the hotel at the meeting point for both wings of the building.

    This auction is not only for the sale of the Real Estate (land and building) but also for the sale of the business, which includes but is not limited to all inventory, customer lists, assets, equipment, employee contracts, and more. A formal agreement must be signed by the sucessful purchaser of this property and business, a draft (not finalized) of the agreement can be found below and is a downloadable PDF.

    Also provided below is a recent:
    2019 Financial Statement for the property,
    Financial Statements from 2015 - 2018,
    The 2019 Tax Assessment,
    Lot Parcel Picture,

    Please note that additional information regarding Customer Lists, and the Franchise Agreement maybe available to qualified bidders, however, viewing of this documentation is only permitted in person at McDougall Auctioneers, and only once a Non - Disclosure Confidentiality Agreement has been sign by the Viewing Party.

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