4.5-Star Poughkeepsie Route 9 Hotel to be Sold at Auction
A popular hotel located in a prime area of Route 9 in Poughkeepsie is headed to the auction block.
This will be the second auction date planned for the modern Poughkeepsie hotel after undergoing a complete renovation eight years ago. The 141-room building sits on 3.8 acres on a busy stretch of Route 9. According to the listing, the property is being auctioned off by the lender.
Businesses are commonly auctioned off after foreclosure. Lenders are allowed to seize a property put up for collateral and resell it in an effort to collect unpaid debts.
Poughkeepsie Hotel in Beautiful Condition
The Holiday Inn Express on Route 9 in Poughkeepsie was built in 1967 but underwent a complete renovation in 2016. The hotel includes amenities like a breakfast area, modern lobby, gym, updated rooms and newer furniture. According to reviews on the IHG website, the Holiday Inn Express location has 4.5 out of 5 stars based on over 1,500 reviews.
An auction for the property was originally scheduled back in November of 2020. It's unclear why there was no sale at that time, but the value of hotels plummeted during the pandemic. Now that the economy has rebounded it's likely that the sale will exceed the starting bid of $2.25 million.
The hotel is owned by the lender and is currently operated by a third-party management company.
Holiday Inn Express Auction scheduled for November
Those interested in bidding on the Holiday Inn Express on Route 9 in Poughkeepsie will need to register with Ten-X ahead of the auction on November 20. According to the listing, the new owner will have the opportunity to renew a license agreement with IHG to continue operating the hotel as a Holiday Inn Express.