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Holiday Inn of International Falls

International Falls, Minnesota

We successfully completed the sale of the Holiday Inn located in International Falls, Minnesota. The owners wished to sell the property after almost 40 years of continuous ownership. The challenges to this property included the competing interests of the franchisor (Holiday Inn), the location (far north and perceived as a harsh climate), and a labor contract. The success of this sale required coordinated negotiations between the buyer, the franchisor and the union.  All three of these interests had to be balanced to move this project forward.

Sale highlights: Even though International Falls is located in far northern Minnesota on the border with Canada we had tours from potential buyers from as far away as California, Florida and Texas.  Once a buyer came forward that met the needs of the seller we negotiated a purchase agreement that satisfied both parties. This agreement enabled the buyer to conduct the extreme due diligence that is required from today’s lenders while operations continued uninterrupted.

Once under agreement:

• We assisted in the communications with the franchisor to extend the agreement to enable the sale.
• We made the introduction and participated in the initial meetings and dialogue with AmericInn International for a new franchise.
• We worked extensively with the 1st position lender and the SBA to secure lending in a very tough lending environment.
• We advised the seller regarding operational procedures leading up to the sale.
• We were there at the closing to make sure the closing was completed smoothly.

We have continued to provide advice and input to both the seller and the buyer as the seller works to close the old operational entity and the buyer transitions the property to a new franchise.