SIOUX CITY, IOWA— The Sioux City Hotel & Conference Center, a 12-story structure that includes 193 hotel rooms, 13,300 square feet of meeting space and what is believed to be the best views in town from the top-floor ballroom, is for up for sale.
Investment sales specialist HVS Capital Corp. will market the hotel, which is located at 707 Fourth St. between the Historic Fourth Street entertainment district and the site of the planned $118.5 million Hard Rock Casino that is slated to break ground this July and open in September 2014.
A list price for the hotel — which is connected via skyway to the convention center and Mercy Medical Center — was not disclosed.
“The Hard Rock Casino development is the piece de resistance in Sioux City's downtown renaissance and will become an anthem for continued economic development efforts,” says Bill Sipple, executive managing director of Denver-based HVS Capital Corp., which brokers the sale of hotels and also finances the properties.
“The Sioux City Hotel & Conference Center is poised to take its place in the revival,” Sipple continued. “An opportunistic buyer can acquire this hotel asset at significant discount to replacement cost, undertake renovations and affiliate the property with any of several global brands [that] would love to fly their flag here.”
The casino complex plans to offer round-the-clock action on its 800 slots and 32 tables and will amplify Sioux City's nightlife with its 800-seat concert hall and 3,000-person outdoor venue, according to HVS Capital. The Hard Rock Casino is expected to generate in excess of $100 million of revenue in its first year of operation and attract more than one million annual visitors in conjunction with the downtown's existing entertainment venues, adds HVS Capital.
Located 100 miles north of Omaha on the eastern banks of the Missouri River, Sioux City sits where Iowa, Nebraska and South Dakota meet. HVS Capital touts that Money magazine has honored Sioux City as a “Best Place(s) to Live.” Three times in six years, Site Selection has ranked the metro first nationally in its category for economic development.
According to the Sioux City Journal, the hotel opened in the 1970s under the Hilton flag. It was sold at auction in 2004 to owners who converted it into an independent hotel, the Plaza. The following year, it became a Clarion, a brand of the Choice Hotels chain. The local ownership group, Choa Hope LLC, later decided to make the hotel an independent property.
In 2012, renovations were completed to the lobby, common areas and some rooms. The changes included the conversion of floors 8, 9 and 10 into apartments for extended stays, the Sioux City Journal added.
— Matt Valley