DANVILLE, IL— Premier Hospitality Properties has sold the 114-room Days Inn here to Bradco Properties for $2.765 million in a transaction in a transaction arranged by Chicago, IL-based Hotel Source. Steve Marx and Seth Glickman of Hotel Source handled the deal, which worked out at a 2.3 room-revenue multiplier and a 12.4 capitalization rate. It was also cited as the brokerage firm’s third hotel transaction of the young year. The Days Inn is located less than one mile off Interstate-74 in downtown Danville across from the Palmer Arena Civic Center. The property opened in 1973 as a Sheraton Hotel and became a Days Inn in 1994. The hotel, which underwent significant capital improvements since 2000, currently holds a Days Inn five-sunburst rating. This six-story property includes a restaurant and lounge, 3,000 square feet of banquet and meeting facilities, and an outdoor swimming pool.
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