NORTHBROOK, Ill., June 26,
2024 /PRNewswire/ -- Hilco Real Estate Sales
announces July 9, 2024, as the
qualifying bid deadline for the Chapter 11 bankruptcy sale of the
309-key Ontario Airport Hotel & Conference Center located in
Ontario, CA.
This premier, full-service hotel is situated on 8.48 acres, just
minutes from Ontario International
Airport and the Ontario Convention
Center, making it an ideal investment for creative hospitality
operators and redevelopers. The 232,430± SF hotel features ample
meeting space, a restaurant and bar, coffee shop, outdoor pool,
fitness room and more. Currently operating as an independent hotel,
this property presents a significant opportunity for new ownership
to partner with renowned national and international hotel brands.
The offering allows for acquisition of a performing asset at a
substantial discount to replacement cost.
Boasting over 22,000± SF of meeting and banquet space, the
hotel's main tower serves as the hub for 16 separate breakout
spaces. It also includes a 5,300± SF area capable of accommodating
a reception of up to 750 guests, along with an Executive Boardroom.
Partial renovations were completed in 2023.
Conveniently located off Interstate 10, the hotel offers easy
access to all major freeways, enhancing its connectivity and
appeal. Situated in the heart of the Inland Empire, the hotel is
minutes away from key demand drivers such as California Speedway,
Citizen's Business Bank Arena, Victoria Gardens and Ontario Mills
shopping malls.
Ontario, recognized as the
logistics capital of the U.S., recently saw Amazon complete the
largest logistics building ever developed in the country—a 4.1
million SF facility. This underscores the area's strategic
importance and growth potential. The hotel is steps from
Ontario International Airport,
where passenger volume surged 12% to 6.4 million in 2023,
surpassing pre-pandemic levels for the second consecutive year.
Keith Worsham, head of the National Hotel Team at Hilco
Real Estate Sales, stated, "This is a unique opportunity to acquire
a well-performing hotel property in a key location. With its
extensive amenities and potential for brand affiliation, the
Ontario Airport Hotel & Conference Center represents a
significant investment prospect in the vibrant Inland Empire
region."
Jeff Azuse, executive vice president at Hilco Real Estate
Sales, added, "Whether maintaining its independent status or
rebranding with a leading hotel chain, new ownership can
significantly enhance the value and performance of this asset."
The sale is subject to Bankruptcy Court
Approval. Starbridge (Ontario) Investment, LLC, a debtor and
debtor-in-possession in that certain Chapter 11 case, Case No.
6:24-bk-11765-RB, pending in the United
States Bankruptcy Court for the Central District of
California. Bids must be received
on or before the deadline of July
9 at 5:00 p.m. (PT) and
must be submitted on the Letter of Intent (LOI) document available
for review and download from Hilco Real Estate Sale's website.
Interested bidders should review the requirements in order to
participate in the bankruptcy sale process available on Hilco Real
Estate Sale's website. For further information, please contact
Keith Worsham at (405) 514-0242 or
kworsham@hilcoglobal.com, Jeff Azuse
at (773) 456-5032 or jazuse@hilcoglobal.com, Jordan Schack at
(843) 504-3297 or jschack@hilcoglobal.com and Daniel Miggins at (646) 984-4580 or
dmiggins@hilcoglobal.com.
For further information on the property, sale process, and terms
or to obtain access to due diligence documents, please visit
HilcoRealEstateSales.com or call (855) 755-2300.
About Hilco Real Estate Sales
Successfully positioning
the real estate holdings within a company's portfolio is a material
component of establishing and maintaining a strong financial
foundation for long-term success. At Hilco Real Estate Sales (HRE),
a Hilco Global company (HilcoGlobal.com), we advise and
execute strategies to assist clients seeking to optimize their real
estate assets, improve cash flow, maximize asset value and minimize
liabilities and portfolio risk. We help clients traverse complex
transactions and transitions, coordinating with internal and
external networks and constituents to navigate ever-challenging
market environments.
The trusted, full-service HRE team has secured billions in
value for hundreds of clients over 20+ years. We are deeply
experienced in complex transactions including artful lease
renegotiation, multi-faceted sales structures, strategic asset
management and capital optimization. We understand the legal,
financial, and real estate components of the process, all of which
are vital to a successful outcome. HRE can help identify the most
viable options and direction for a company and its real estate
portfolio, delivering impressive results in every situation.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hilco-real-estate-sales-announces-ontario-airport-hotel-and-conference-center-available-through-bankruptcy-sale-in-ontario-california-302183243.html
SOURCE Hilco Real Estate