Kevin Arora Acquires Hotel In Springfield, IL For $4.25M With Hotel Brokers Of America

A hotel located at 3185 S Dirksen Pkwy in Springfield, IL has been sold in a recent transaction. The property, with a total of 123 units, was listed for sale at an asking price of $7,000,000. The sale was finalized at a price of $4,250,000, resulting in a price per unit of approximately $34,553. The total square footage of the hotel is 182,498, with a price per square foot of $23. The deal was closed at a cap rate of 10%.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $4,250,000
• Units: 123
• Price per Unit: $34,553
• Square Footage: 182,498
• Price per Square Foot: $23
• Cap Rate: 10%
• Market: Springfield, IL

The buyer of the hotel is Kevin Arora. The transaction was facilitated by the brokerage firm Hotel Brokers Of America. Notably, this hotel is undergoing a conversion from Wingate by Wyndham to Extended Stay America. The investment firm Arora Investment Group, led by Kevin Arora, was the first to successfully execute this brand conversion. The hotel will be managed by The Hazur Group.