CEX to auction properties in Fla., Tenn. and Miss.

March 29, 2010 | Hotel World Network
Carlton Chairman Howard L. Michaels has announced that CEX has been retained to auction five prime hospitality assets. The assets include hotels and mixed-use resorts totaling 1,600+ rooms with outstanding locations proximate to major tourist destinations in Florida, Missouri, and Tennessee.

One of the unique aspects of this sale is that potential buyers can view the asset and bid on a first come, first serve basis through the CEX REO MLS Exchange. This Carlton-created platform allows bidders to bid on each property in a timeframe which is comfortable for investors. This is a tremendous advantage for bidders as they don’t have the pressure of having to bid on a tight, sealed bid timeframe.

Following is a brief summary for each hospitality asset:

The Ramada – Kissimmee, FL: The Ramada is a 500 room, full service hotel which enjoys an excellent location only 1 mile from the entrance of Walt Disney World.
Grenelefe Resort – Haines City, FL: The Grenelefe Resort is a stunning Golf & Tennis Resort Community with an outstanding Central Florida location and two 18-hole golf courses (one previously named Florida’s Best by Golf Week Magazine) and 593 units. Furthermore, the Grenelefe Resort is just minutes from Cypress Gardens with easy access to both Orlando & Tampa. The Resort’s array of on-site amenities includes a 140,000 sf convention facility, an on-site marina, as well as vacant land with future development rights for 1,800 additional units.
River Ranch – River Ranch, FL: The River Ranch Resort is a beautiful full-service western themed Resort with a virtually unrivaled array of amenities. Located on 1,700 acres of lush landscape, the resort offers 148 hotel room and timeshare units, a 5,000-ft. airstrip, marina, golf course, dude ranch, a commercial retail area, as well as entitlements for an additional 2,898 units.
River Terrace – Gatlinburg, TN: The River Terrace Resort & Convention Center is a 205 room resort with 25,000 square feet of meeting space and boasts spacious poolside guest rooms and townhouse suites with outstanding access to the region’s top tourist attractions.
Branson Garden Inn – Branson, MO: The Branson Garden Inn offers an excellent location in the heart of the Branson tourist corridor with frontage on Highway 76. The Property includes 220 rooms with 16,200sf Restaurant/Banquet Hall.

To view all of the due diligence data and summary information for each of these please go to www.carltonexchange.com and view assets CX100564, CX100565, CX100555, CX100556, and CX100557, in the “$350 Million of Hospitality, Timeshare, Office, Multifamily and Prime Land Assets” sale.

For information regarding this exceptional sale, please contact Howard L. Michaels, Chairman, or Michael J. Campbell, Partner, at (866)800-5111.

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