Dora Brothers Hospitality Corp. and Commercial Real Estate and Fishers and Hamilton County and Real estate deals and Regional News and Restaurants and Tourism & Hospitality and Hotels and Real Estate & Retail

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

July 26, 2010

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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