An undisclosed buyer cast the winning bid of $8.2 million for a Holiday Inn-flagged hotel in suburban Maryland Friday, exceeding both the opening bid and assessed value for the 89-room hotel.
More than 20 people registered to bid on the Holiday Inn Express and Suites I-95 Capitol Beltway-Largo at a foreclosure auction held by Alex Cooper Auctioneers, driving up the price from an opening bid of $3.1 million, according to Paul Cooper, vice president of the suburban Baltimore-based auctioneer.
Cooper declined to disclose the identity of the winning bidder but said it was not the noteholder that moved to foreclose on the property, a representative of which was among the bidders. That outcome is atypical in commercial real estate foreclosure sales, given the advantage noteholders have as secured creditors seeking to recoup what they are owed on the properties.
