Banks and Foreclosures and Banking & Finance and Tourism & Hospitality and Hotels

East-side Ramada fetches $1.3M in online auction

June 10, 2011

A foreclosed Ramada Inn on Indianapolis’ east side sold in an online auction Thursday for $1.3 million.

Donna Bray, the hotel’s director of sales, said staffers hope to learn the identity of the buyer and the buyer’s intentions for the property in about 30 days.

The two-story hotel, near Interstate 465 and Pendleton Pike, opened in 1970 and remains in business. It has 188 rooms, 12,500 square feet of meeting space, indoor and outdoor pools and a restaurant space used by Bennigan’s.

The property recently had been listed for sale by Clinton, N.J.-based Unity Bank for $1.8 million. The minimum permitted bid in the auction was $300,000.

 

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