Holiday Inn Express and Suites
Galesburg, IL | 81 Rooms | Investment, Development
Janko Group purchased a 2.4-acre land site in Galesburg, IL for the purpose of developing a new 81 room Holiday Inn Express and Suites Hotel. The newly built hotel replaces the adjacent Holiday Inn Express Hotel that Janko Hospitality has owned and successfully operated for 17+ years. The adjacent hotel, originally built and opened in 1997, was re-branded to a Baymont Inn upon the December 2015 opening of the new Holiday Inn Express and Suites.
Janko Group and affiliates retain ownership of both assets and Janko Hospitality operates both assets, which represent a combined 154 rooms and over 52% of the hotel room inventory at the I-74/East Main Street interchange. This strategy allows Janko Hospitality to continue to capture the existing loyal InterContinental Hotel Group customer base as well as additional demand from the Interstate and Galesburg-area business and leisure travel. Favorable city incentives and contributions from the hotel brand to spur development (known as “key money”) combined to lower the cost basis, and significantly enhance yield.