National Commercial Auctioneers, LLC, (www.natcomauctions.com) announces the auction of a 120-room hotel in Petersburg, VA, on August 26, 2009, according to Stephen Karbelk, CAI, AARE, President and Auctioneer for this foreclosure auction.
“This property has excellent visibility from the heavy traffic volume on I-95,” commented Karbelk. “The property sits on 3.68 acres with many features, such as furnished rooms, meeting facilities, pool and a restaurant.”
Since the property is no longer subject to a franchise agreement, the buyer can convert the property into one of the many available hotel brands or re-brand the property as an independent hotel. Many of the neighboring hotels have been doing a very strong business, especially from the military business located nearby. Plus, with its excellent location, it is an ideal stopping point for travelers driving along I-95, the most important north/south highway along the East coast.
The property is being sold pursuant to a foreclosure auction under the direction of Sam Beale, Substitute Trustee. The property will be available for inspection on Tuesday, August 25 from 11am to 4pm and on Wednesday, August 26, from 9am to 1pm. To register for the auction, a buyer must bring a certified or cashier’s check for $100,000 and be prepared to close on the transaction within 30 days of the auction.
For more information about this hotel foreclosure auction, contact National Commercial Auctioneers, LLC at 877-895-7077 or visit www.natcomauctions.com.
About National Commercial Auctioneers, LLC
Based in Tulsa, Oklahoma, National Commercial Auctioneers (NCA) is a national real estate auction firm dedicated to the sale of commercial properties for commercial lenders, bankruptcy trustees, private equity funds, and for public and private companies throughout the United States. NCA has the knowledge and expertise to effectively deliver a market-driven auction for every type of commercial property.
