Danbury’s Crowne Plaza Goes Up For Auction on Monday
If you have the time and a few extra bucks in your bank account, there may be a hotel with your name on it.
If owning your own hotel has been your life long dream, then mark your calender for Monday, September 13. That's the date that the Crowne Plaza in Danbury goes up for auction.
According to bizbuysell.com, the auction will take place September 13th through the 15th and bidding will start at $3 million, which is a far cry from the the venue's most recent appraisal of $10 million dollars by the city of Danbury and its $13 million dollar appraisal back in 2017.
It's been kind of a double whammy for the property, between the pandemic and Governor Ned Lamont shutting down hotels statewide last year, the Crowne Plaza has been struggling to stay above water. Now the time has come to offer this hotel up to the highest bidder.
The Crowne Plaza is one of 14 hotels put on the block this year by Eagle Hospitality Trust after the real estate investment trust filed for chapter 13 bankruptcy protection. Since its completion in 1980, the hotel has gone through a number of different owners and has changed names many times. From the Danbury Hilton, to the Danbury Sheraton, to the Danbury Plaza, then back in 2012 the hotel became the Crowne Plaza.
As far as the Danbury property is concerned, HREC Investment Advisors is overseeing the auction and the bids for the Crowne Plaza. One thing to remember is that just because it's been a hotel since it's inception, new owners would have many options including residential multi-family units, or even a senior living facility.
If you're interested in bidding on this property, here's the official listing of all you get when you bid high and bid often.
- Upscale full service 242 room hotel with a prime location right off I-84, and convenient proximity to local area businesses and attractions.
- 26,000 feet of event space including a banquet room
- Easy access to transportation hubs like Danbury Airport, Danbury Rail Lines, Westchester County Airport, and Hudson Valley Regional Airport.
- Amenities on the property include a business center, fitness center, pool, restaurant, spa, on site bar.