MILWAUKEE, WISCONSIN The owners of nine CoCo Key Water Resorts and their affiliated hotel properties have put the portfolio on the auction block, following several months of unsuccessfully shopping the properties.
Ten CoCo Key hotels have been listed on Auction.com for a two-day online auction to commence February 15. Starting bids range from US$500,000 to US$6.9 million. The properties are being auctioned individually, rather than as a group.
The ownership group, led by Wave Development and Hexagon Investments, both of Milwaukee, has been shopping the waterpark resorts via Jones Lang LaSalle since autumn. The resorts are managed by Sage Hospitality Resources of Denver, which owns the CoCo Key brand.
Ted Watson, vice president of marketing and sales for the CoCo Key brand, tells HOTELS that the properties will continue operating normally. “It’s business as usual for us,” Watson says. “While there’s no guarantee that we will remain as manager, it’s out expectation that that will happen.”
The properties up for bid are:
- Marriott Mt. Laurel and CoCo Key Water Resort, New Jersey (starting bid price US$4.9 million)
- Crowne Plaza Boston North Shore and CoCo Key Water Resort (US$6.9 million)
- CoCo Key Water Resort Waterbury, Connecticut (US$1.5 million)
- Courtyard Fitchburg and CoCo Key Water Resort, Massachusetts (US$2.7 million)
- Best Western Clock Tower Resort Rockford, Illinois (US$2.9 million)
- Cherry Valley Lodge, Newark, Ohio (US$2.9 million)
- Crowne Plaza Cincinnati North, Ohio (US$600,000)
- Fairfield Inn Cincinnati North, Ohio (US$500,000)
- CoCo Key Omaha Convention Center, Nebraska (US$1.9 million)
- Holiday Inn Kansas City Southeast, Missouri (US$1.9 million)
