John V. Bays
Tundra Lodge & Waterpark Resort (2007-Current)
In November 2007, I acquired my seventh hotel in Green Bay, Wisconsin. This is a 161 room, 30,000 square foot waterpark hotel resort, in Green Bay, Wisconsin. The log cabin style resort is an interior corridor, full-service hotel with waterpark. The property was opened in August 2003 and is in excellent physical condition. The hotel, located at the intersections of Lombardi Avenue and Ashland Avenue, is only four blocks from Lambeau Field (home of the NFL’s Green Bay Packers). The property is able to cater to a wide variety of guest types, from corporate to leisure. To enhance our corporate and association markets, On October 28, 2008 I completed the construction of a brand-new, state-of-the art, 25,000sft Convention Center.
Crowne Plaza Chicago-Northbrook (2009-Current)
Formerly Radisson Hotel Northbrook Northbrook, IL (2007-2008)
In November 2007, I acquired my eighth hotel in Northbrook, Illinois. I previously owned this hotel from 1993 to 1997. This is a 318 room property and is a direct competitor of my previously owned Wyndham Glenview Suites. After an extensive renovation and conversion to the IHG brand, Crowne Plaza, we have successfully obtained large corporate accounts as our Top Accounts. These accounts include; Allstate, Tecor, Combined Insurance, Siemens, Cummins, Sudexo, and International Services Inc (ISI).
Wyndham Glenview Suites Glenview, IL (2005-2007)
In June 2005, I acquired my sixth hotel in Glenview, Illinois. The 252 all-suite Wyndham Glenview Suites is located nine miles from O’Hare airport. We conducted over Four Million Dollars in renovations and aggressively booked many major corporate accounts. Such accounts included Allstate Insurance, HSBC, Avon Corporation, Aon, Culligan, UPS. We also captured a large amount of transient business through the O’Hare Distress Systems. In January 2007 I sold the property for a profit exceeding Twelve Million Dollars.
Radisson Schaumburg, IL (2003-2005)
In December 2003, I re-acquired the Radisson Hotel Schaumburg, Illinois. An extensive renovation was conducted and completed in June 2004. A sales team was put in place and they successfully rejuvenated the revenue numbers to exceed what was accomplished nearly ten years ago. I sold the property in May 2005 for a profit of Four Million Dollars.
Executive Inn Evansville, IN (2001-2007)
In Mid-March 2001, I acquired my fourth hotel. The 10-story hotel is located in downtown Evansville, Indiana adjacent to the Convention Center owned by the City of Evansville. The hotel is within six blocks of Casino Aztar, a casino boat located on the Ohio River. The hotel is comprised of 471 rooms consisting of standard, deluxe, mini-suites, bridal suites, executive suites, and presidential suites. The hotel has a 350-seat full service dining room, 150-seat lounge, indoor Olympic size pool with whirlpool, 29,000 square feet of meeting space, lobby bar, and full service health club with raquetball, handball, tennis and exercise equipment. The hotel had been closed, due to negligence in paying utilities, in February 2001. Upon my purchase the utilities were re-activated and the hotel was immediately reopened for business. From March 2001 to December 2002 the hotel received an extensive renovation and continued to operate during this time frame. Prior to the hotel closing the occupancy was running 7-10%. During our renovation period the hotel accommodated guests with rentable rooms with a range of occupancy of 40-70%. With an aggressive sales and marketing staff the hotel regained its great-standing within the City of Evansville and successfully brought the ADR from $31.50 to $69.47. In January 2007, I sold the hotel.
Executive Inn Owensboro, KY (1999-2005)
In November 1999 I acquired a third hotel and the largest of my acquisitions. The property is located in Owensboro, KY, and consists of 640-rooms. Upon my purchase of the property I immediately began an extensive renovation of the property, which was fully completed in July 2000. The property is located on 17 acres of land with a spectacular view of the Ohio River. In addition to the 640 guest rooms, the hotel is comprised of over 145,000 square feet of meeting, banquet and convention center space. Also complimenting the property is a “Las Vegas” style showroom lounge featuring great legends such as Loretta Lynn, Toby Keith, Tanya Tucker, the Beach Boys, and George Jones.
The hotel property located in Owensboro, Kentucky, known as the Executive Inn Rivermont has been regionally known for its resort-like atmosphere. It has always been a place for business during the week and a great weekend get-a-way spot for fun, excitement, and entertainment.
Prior to my purchase of the hotel property, the federal government had seized the property and was on the verge of closing the hotel. I successfully purchased the property from the federal government for $5.5 million and have spent $13 million renovating the property. The properties MAI appraisal, as of February 7, 2001, is for $23,400,000. I have continued to upgrade and renovate the property since the time of the appraisal, only increasing the value of the property. In May 2005 I sold the property to a Minnesota based Hotelier.
Radisson Schaumburg, IL (1994-1995)
In 1994, a second hotel in Schaumburg, Illinois was purchased, renovated and converted to a Radisson. Like the Northbrook property, business increased dramatically upon renovation and conversion from 30% to over 80%, in under one year’s time period. Because of its high-demand location, numerous investors quickly made offers on the property. I sold the property just one-year after purchase for a profit of just over 4 million dollars.
Radisson Northbrook, IL (1993-1997)
In 1993, I purchased a Ramada hotel, located in Northbrook, IL, for a purchase price of $1,600,000.00. At the time of purchase, the hotel was operated (by Resolution Trust Co.) at a seasonal 9 – 17% occupancy percentage and average daily rates (“ADR’s”) of only $25.06 per room night sold. Renovation was started immediately upon purchase with the first major phase completed by the end of that year. By the end of 1993, in spite of the tremendous amount of construction, the occupancy had risen to over 40% with ADR’s in the low $50’s. With sales and marketing efforts and gain of recognition in the area, the hotel, after its first two years of operation increased occupancy and ADR’s to the $60’s. Near mid-1995, the hotel was repositioned (from Ramada) to a Radisson flag. Additional renovation was completed and the property at the end of 1996, was operating profitably with ADR’s succeeding $80 per room night sold and the year closed at over 75% annual room sales. The net profit for the year end 1996, before taxes and depreciation, exceeded over 1.5 Million dollars. The hotel exceeded the projected budget for the year.
The value of the property had risen from its after-renovation MAI appraisal of $10,800,000 to over $14,500,000 dollars. Its high market-penetration level (over 100%) placed it in strong demand. Throughout the growth of the hotel, many calls were received from hotel investors. Subsequently, in January of 1997, a cash offer of $15,250,000 was received on the hotel and I sold the property for a profit of over $11,000,000.