The hotel industry in the Traverse City area is experiencing a fair amount of activity. Properties for sale have been sold, and there are additional projects in the proposal phase. This points to increased growth and opportunity in the local hotel and corporate real estate industry in Michigan.
The Hotel Indigo was purchased by a Rhode Island hotel development firm for $26.5 million. The hotel originally opened in 2016 and was built for about $17 million. The Rhode Island development company has stated that it was attracted to the property by some of the built-in amenities it already offers. This includes a roof top bar, interesting design features and other interesting features.
West Bay Beach, which is a Holiday Inn Resort, is also listed for sale. The property features 600 feet of bayfront and a 179-room hotel. The sale price is listed at over $20 million. Marriott is also planning a construction project in Garfield Township. This project includes a plan to build a Fairfield Inn next to the existing Sam’s Club.
Anyone interested in pursuing an investment opportunity in corporate real estate in Michigan may benefit from consulting with an experienced real estate attorney. An attorney experienced in real estate law can possibly protect a developer or business owner from costly mistakes that might occur during what can be a complex process. With so much at stake, but also with the potential to gain, financially, a knowledgeable lawyer’s review of the details involved with the purchase and/or development of a real estate property could make a significant difference in achieving a successful and issue-free transaction.