Holiday Inn Country Club Plaza
Kansas City, MO | 241 Rooms | Investment, Redevelopment
A 3.5-acre site on Country Club Plaza with an older Holiday Inn hotel was available for purchase in 2007, with an approved TIF in place to redevelop the site. Vacant land on “The Plaza” is nonexistent, demand is strong for all property types, and TIFs for future projects had become unavailable as politics changed. With our expertise in both office and hospitality, our strategy was to operate the existing hotel profitably and redevelop or renovate the site.
Janko Group creatively arranged to have a 1031 exchange investor buy the ground for this hotel with a ground lease, while a Janko Group related 1031 exchange entity bought the leasehold interest. Although impacted by the 2007-12 economic downturn, the hotel is performing near pre-2007 levels and significant renovation, rebranding and recapitalization is projected in 2017.