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Holiday Inn to hit auction block with $1M opening bid

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A Holiday Inn hotel along Interstate 69 just north of 96th Street in Fishers is scheduled to hit the auction block next month with a suggested opening bid of $1 million.

The 78-room hotel at 9780 North by Northeast Boulevard, built in 1994 and renovated in 2004, is owned by Fishers-based Dora Brothers Hospitality Corp.

Dora decided to sell the property after it could not secure financing from lender Regions Bank to add a restaurant to replace a vacant former Bennigan's, said Tim Dora, a company principal. Holiday Inn hotels must offer food service.

The hotel sits next door to a Holiday Inn Express and across the street from a Hotel Indigo and Hilton Garden Inn, all of which also are owned by Dora. The restaurant site, which has a separate owner, is not part of the auction.

The franchise agreement with Holiday Inn is set to expire Sept. 31, giving a new owner an opportunity to rebrand and reposition the property as a limited service hotel, Douglas Johnson of CB Richard Ellis Auction Services, which is handling the sale, said in a statement.

In sales materials, CB Richard Ellis describes the sale as "bank forced." Regions didn't want any more hotel loans, and the property's value exceeds what Dora owes on its loan, Dora said.

"The partnership just came to the conclusion it's just easier to sell it, pay the lender and move on," he said.

The auction is scheduled for 1 p.m. Aug. 31 at the adjacent Fishers Hospitality & Conference Center. Registration begins at noon, and a depoisit of $50,000 is required to bid.

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  1. $800M is a lot. There's over 800,000 people in the county/city though. I'm betting the cost of services(police, fire, roads, economic incentives to bring in new business, etc.) in Hamilton County is much more than $1000 per person. In 2012, the city of Carmel's audit report shows receipts of $268,742,988 (about 1/3 of Indianapolis's receipts) for a population of 83,573 (almost 1/10 the size of Indianapolis)...hmm, I wonder why Carmel is such a safer place to live...

  2. Would you let a mechanic diagnose your car over the internet without seeing it or taking it for a test drive? The patient needs face to face interaction with a physician to be properly diagnosed. It would seem to me that the internet diagnosis is about as silly as going to ones mirror and saying, "I wonder what I have"? And then you diagnose yourself. That's free and probably wrong too.

  3. Maybe if we treated the parents of juvie offenders who have 5 babies from 4 different daddies like stray cats and dogs who go around creating a bigger animal control problem, we wouldn't have so much of a "parenting" problem flooding both the social services and (later) correctional systems. The breakdown of morals and parental responsibilities from horndogs who can't keep it in their pants and keep their families together has caused this. If a pit bull attacks someone, it's destroyed. Everyone encourages that pets are spayed and neutered to control the pet population and prevent further issues. Maybe it's time to control the welfare population...

  4. Blocking two blocks of a street along Broadripple Ave. is not going to stop "pedestrians" from walking around. The article stated that seven people were injured as a result of a skirmish between two gun-toting "pedestrians"...not drive-bys. Most of the crimes that are committed in BR area are done by "pedestrians" that are walking in the area...not driving by. This may alleviate traffic going through the area and may steer some folks away from coming to the area because of the extra inconvenience but it will not stop a pedestrian, on foot from toting a gun while walking in that area....period.

  5. Please run for mayor Joe. We need someone to come in and clean house. They past two mayors have run administrations rampant with corruption. We need to clean house before corruption is accepted as normal like Chicago.

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