Aladdin--boutique hotel by Holiday Inn

[dukuboy1]

Weird, must be something going on. I enjoyed staying at the Muelbach after they redid rooms under the Marriott flag. Maybe it will go apartment figuring it can’t compete with 3 big hotels all within a few blocks, Lowe’s, Marriott, Crowne Plaza

[FangKC]

It underwent a renovation a few years ago, and reopened in 2007.

[DaveKCMO]

It underwent a renovation a few years ago, and reopened in 2007.

We did a staycation there last last year and the place needed a major refresh. Hopefully it will be renovated as a hotel or become affordable housing while all of that construction is shutting down Wyandotte for two years.

[wahoowa]

for sale on loopnet. auction 6/28/2021, starting bid $4M

[longviewmo]

for sale on loopnet. auction 6/28/2021, starting bid $4M

The listing glosses over them losing the hotel flag nicely. Also weird that it mentions Cerner... probably written someone who’s never been to KC.

[FangKC]

The Business Journal is reporting that there appears to be several parties that have submitted proposals.

Because the hotel is listed clear of management and franchise, a new partnership or entity could reposition it as an independent boutique property, a mid-scale offering or a luxury asset associated with a new franchise.

Interested brands working to provide product improvement plans for the Aladdin Hotel include Best Western, Choice Hotels, Hilton, Kimpton, Marriott and Wyndham, the auction materials show.

Alternatively, the Aladdin Hotel has the potential for a historic apartment conversion, per the materials.

https://www.bizjournals.com/kansascity/ ... -sale.html

[earthling]

Even if downtown is approaching hotel overbuilding (pandemic or not), this building should remain a hotel given the convention district location. Best Western shouldn't be a surprise and would be fine. Have met up with someone staying at an urban modern Best Western in Vancouver that felt very international with concierges that could speak multiple languages. Was well above average hotel about that height yet apparently still discounted relative to the district.

[KCPowercat]

Agree. Should stay a cool boutique hotel. I expect good things out of this

[Walker]

Discussions taking place to convert this to a Trade Mark (Wyndham), Best Western, or Ascend Hotel

[FangKC]

I was hoping Kimpton would come into the market and turn Aladdin into a high-end boutique.

[dukuboy1]

I stayed at a cool Best Western on Sunset Strip in LA. Not too far from the infamous “Hyatt House”. It was great hotel, very cool vibe with bldg in a U shape around a courtyard pool area. Our room had an amazing view of downtown as well

[Chris Stritzel]

Auction taking place July 19th-21st. Starting bid: $4 million.
https://www.ten-x.com/commercial/listin ... NDA1NC4zMA..

[Anthony_Hugo98]

Auction taking place July 19th-21st. Starting bid: $4 million.
https://www.ten-x.com/commercial/listin ... NDA1NC4zMA..

Any Info ever come out Chris on who ended up getting it?

[normalthings]

Skyline Investments

[DaveKCMO]

Skyline Investments

It seems like this is their first property in this market? Website shows one Hyatt and a handful of Courtyards.

[normalthings]

Skyline Investments

It seems like this is their first property in this market? Website shows one Hyatt and a handful of Courtyards.

Look here

https://edckc-tif.s3.us-east-1.amazonaw ... -12-14.pdf

[herrfrank]

So Skyline is getting the beneficial TIF treatment extended? Why? Wasn't the sale price based on the property's fair market value, including taxability?

These tax benefits (whether deferral or reduction) need to end upon an arm's length sale. And if it's not an arm's length sale, but some kind of sweetheart deal, then those facts must be presented to all bidders. This just smells bad.

[normalthings]

Aladdin needed a complete renovation. The purchase included PIPs from all the major brands.

[FangKC]

Shuttered Aladdin Hotel may take flight under new Canadian ownership

...Skyline Investments Inc., a hospitality investor, operator and developer based in Ontario, in October went under contract to acquire the 193-room hotel at 1215 Wyandotte St. from Wright Investment Properties Inc. of Memphis.
...
Auction materials underscored the Aladdin Hotel's potential to take on new life as an independent boutique property, a midscale offering or a luxury asset associated with a new franchise.

Brands including Best Western, Choice Hotels, Hilton, Kimpton, Marriott and Wyndham had worked to provide property improvement plans.
...
The Tax Increment Financing Commission of Kansas City agreed Thursday to transfer incentive agreement terms for the Aladdin Hotel, taken on by Wright Investment Properties under its 2006 renovation, to Skyline. Subject to the sale closing, Skyline will become eligible for $2.1 million, or the unpaid balance of $4.7 million in reimbursable project costs completed by Wright.
...
The firm began operations in 1998 and now holds assets valued at more than $700 million, including 13 select-service Courtyard by Marriott hotels in nine states.

https://www.bizjournals.com/kansascity/ ... ce=twitter

[earthling]

Wonder how much of deal Skyline got for the property. Investors are turning to buying up troubled hotels at a deep discount rather than building new for the most part. DTKC Marriott also sold apparently at a deep discount.