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When Xiao Hua “Edward” Gong was arrested and tried for running a pyramid scheme and laundering money, the U.S. government seized his American properties. Among the millions of square feet are some eye-catching commercial real estate, like a huge Detroit-area hotel, an even-bigger former factory and a majority share of a historic office building in Downtown Chicago.
Those assets are going on the market now, and the seller is as reliable as they come.
“With government-owned assets, the properties are definitely going to sell,” Real Look Vice President of National Development Justin Ochs said. “Inspection and closing windows are relatively short, so you know you have a seller in the marketplace ready, willing and able to sell the property.”
Property had been eyed for Comfort Inn & Suites since 2016
A court-ordered auction has resulted in the collective $22 million sale of a Murfreesboro Pike hotel and eight contiguous Midtown lots on a segment of which a Comfort Inn & Suites hotel had been planned.
The hotel, which sits on 4.4 acres and operates as a Best Western, sold for $11.8 million. In addition, the 1.27-acre Midtown lots are under contract for $10.2 million, according to a release.
The court-ordered auction which arose from the dissolution of a business partnership between Neil Patel of Cookeville-based Image Hotel Management and Sanjay Patel of Nashville-based Hira Laxmi Investment was managed by Hendersonville-based Real Look, which specializes in government- and bank-owned properties and judicially-mandated property sales.
Court steps in related to Comfort Inn eyed for site next to Hustler Hollywood
The effort to develop a Midtown site with a building to accommodate a Comfort Inn & Suites by Choice Hotels has been scrapped, with the land to be sold at auction late this month.
Previously, Neil Patel of Cookeville-based Image Hotel Management and Sanjay Patel of Nashville-based Hira Laxmi Investment eyed the 11-story Comfort Inn hotel for three parcels with addresses of
A court order, filed in Putnam County Chancery Court, is requiring the owner, Nashville Hotels LLC, to sell via auction the three parcels on which the hotel would have been built. Justin Ochs, vice president of national development with Hendersonville-based Real Look LLC, is overseeing the effort slated for Jan. 27. (In addition, a hotel at 825 Murfreesboro Road and home to a Best Western hotel will be auctioned.)