The fee-simple Illinois hotel for sale is a Four Points by Sheraton located in downtown Peoria. This full-service hotel has 319 guest rooms and suites, each room with climate control. The Four Points by Sheraton is just a short walk from the world headquarters of Caterpillar, Inc., civic center, various companies and businesses, the minor league baseball stadium, and medical related demand generators. The fee-simple hotel for sale is the only branded full service hotel in downtown Peoria and has significant upside potential. This particular hotel was re-branded to a Four Points by Sheraton in March 2011 and is still ramping up. As of the end of 2011, property improvement expenditures funded by the current owner after taking control of the asset is projected to be over $2 million.
From an early age, Bhavesh (B.J.) Patel was strongly influenced by family members in the hospitality industry. He graduated from the Cornell Hotel School with a Master of Management in Hospitality. Prior to joining Grubb & Ellis, as a development manager at NYLO hotels, B.J. gained experience with the city entitlement process for the development of full service hotels, an understanding of all the legal documents related to land purchase, and had frequent interaction with engineers, brokers, architects, lawyers and appraisers.