The Herald Bulletin

Morning Update

Local Business

March 5, 2013

Hotel could hang ‘no vacancy’ sign for first time in months

Bankruptcy court orders auction of closed Garden Hotel

ANDERSON, Ind. — There was a time when the Anderson Holiday Inn would have to hang the “no vacancy” sign during Indianapolis 500 week.

“That location was one of the top hotels in the area,” said Tom Bannon, executive director of the Anderson-Madison County Visitors and Convention Bureau.

But nowadays, the hotel, which later operated as a Garden Hotel, doesn’t get too many visitors. No one’s stayed there in months.

In October, former owner, M3 Hotels, filed for bankruptcy. The building sat vacant before M3 motioned to open the property, 5920 S. Scatterfield Road, for bidding on the order of a U.S. bankruptcy court in February.

Sealed bids will be accepted through 4 p.m. Eastern Daylight Time on March 14 on the 157-room hotel.

According to a listing with auction manager CBRE Auction services, the hotel includes 5.1 acres and is “perfect for redevelopment or an alternative use.”

The property sits just off Interstate 69 exit 226, 20 miles from Muncie and 23 miles from Indianapolis.

“The location is absolutely great,” said Anderson economic development head Greg Winkler. “The condition of the property is an absolute question mark, I haven’t seen inside it lately.”

The property is listed as being sold on an “as-is, where-is” basis.

Winkler said the amenities of the property — which include a kitchen, indoor and outdoor pool areas, a conference room and bar — lend itself to a hotel or motel operation.

When it comes to hotels, “we can always use more,” Bannon said. “Quality hotels, that is. Quality is key.”

While the number of visitors in Madison County ebbs and flows with the seasons, Bannon said local hotels often book quickly during big regional or local events, such as the Indy 500 or conferences at Anderson University.  

The initial deposit required to bid is listed at $50,000. Bids can be submitted to the CBRE office at 311 S. Wacker Drive, Suite 400, Chicago, IL 60606.

According to the last evaluation record from the Madison County assessor’s office, the property’s total value in 2012 was $2,099,900, with about $766,000 of that being from the land.

Find Baylee Pulliam on Facebook and @BayleeNPulliam on Twitter, or call 648-4250.

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