Lender-Owned Quincy, IL, Hotel Sold

QUINCY, IL— The lender-owned, 152-room Quincy City Center Hotel in Quincy, IL, is now in the hands of Abbott Development, Inc. following a $2.3-million disposition. The sale was arranged by Hotel Source, Inc. The previous owner of the property was Equity Asset Investments, LLC. The four-story hotel sold at a 2.2% capitalization rate and a 1.4 room revenue multiplier. Abbot plans on renovating the hotel, which is 24 years old and features an indoor pool, a whirlpool, an atrium lobby and a restaurant. The hotel is adjacent to a Hampton Inn and a new Microtel Inn.