The building was first listed at $2 million, then fell to $1.5 million, Riegel said.
“The nuclear winter of commercial real estate is here,” he said. “It’s a buyer’s market like you wouldn’t believe.”
The 184-room hotel, which had been owned by investment equity firm Hotel Capital in Indianapolis, was expected to be closed until at least May 2017 as it underwent renovation.
Ten-X listed the former 12-story hotel as having 184 guest rooms, a restaurant and lounge, an indoor pool, a ﬁtness center, a business center and 5,925 square feet of meeting and event space.
“The property presents investors with the opportunity to acquire a well-located, highly visible, full-service vacant hotel fully unencumbered by brand and management,” Ten-X said. “A new owner has complete ﬂexibility in terms of renovating and rebranding with a new hotel franchise, or considering alternative uses for the building such as multi-family.”
Recent years have not been kind to this hotel. In 2015, hotel officials announced they were undergoing $3 million to $5 million in renovations, with plans to rebuild the pool, re-open its restaurant and convert to a Double Tree by Hilton.
The hotel did not rebrand, however, and struggled.
The Dayton Grand Hotel originally became a Double Tree hotel in 2013. That shift was short-lived, with the owners returning it to a private hotel, and the business suffered, Eric Minshall, the general manager in 2015, told the Dayton Daily News at the time.