LaQuinta Logan

853 US-89 | Logan | UT | 84321 Back to Properties


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Confidentiality Agreement

Confidentiality agreement sub heading

I have read and agree to the Confidentiality Agreement

Agreement

Various Sellers have provided confidential information to Apex Commercial Real Estate Services, LLC. KW South Valley Keller Williams (Broker) for the intent of marketing, buying, and/or selling their business, real estate, and/or assets. In consideration of the disclosure of certain confidential information, Prospect hereby understands and agrees to the following:

Prospect agrees to keep all Confidential Information in the strictest confidence and will not disclose the same to third parties except as hereinafter provided. The term “Confidential Information” includes any and all information provided to Prospect by Seller or Broker regarding the operations, interests, financial performance, and/or assets of Seller, and includes information provided through discussion of the operations, interests, financial performance, and/or assets of Seller.

Prospect agrees not to disclose any confidential information to any other person who has not also signed this Agreement except to secure the advice and recommendations of those professionals who constitute Prospect’s business advisors and lending institutions who will be directly involved in evaluating the operations, interests, and/or assets of Seller for or on behalf of Prospect. In sharing Confidential Information with said professionals, Prospect agrees to prohibit disclosure of the same by those professionals to any third parties and assumes direct responsibility for enforcing such prohibition and for any breach thereof. Any information which is disclosed pursuant to this agreement shall remain completely confidential until the sooner of: (a) the public disclosure of said information by the party to which the information belongs, or (b) any applicable limitation set forth by law.

Prospect agrees it will not in any way contact the landlords, employees, suppliers, customers, or any other person or entity associated with the Seller without the Seller’s prior consent. Any information obtained by Prospect through such authorized contact shall be considered Confidential Information and treated as stated herein. Prospect agrees it will not make copies of any Confidential Information provided herein except with written authorization from Seller. Prospect will immediately notify Broker of any unauthorized releases of Confidential Information. Broker makes no warranty, express or implied, as to the accuracy of said Confidential Information and is not responsible for the same. Prospect, therefore, agrees to hold Broker harmless for any inaccuracies in such Confidential Information and is not responsible for the same. Prospect, therefore, agrees to hold Broker harmless for any inaccuracies in such Confidential Information, or for any incompleteness in the same which operates to the detriment of Prospect. It is the responsibility of the Prospect to determine the accurateness, or lack thereof, of any Confidential Information provided.

Prospect agrees not to use Confidential Information received to its advantage by directly competing with Seller. In the event Prospect determines not to purchase the business operations, interests, and/or assets of Seller, all Confidential Information shall be surrendered to Broker upon written request and Prospect will not use, disclose, or disseminate any of said Confidential Information thereafter.

Prospect agrees and acknowledges that any breach of this agreement would cause irreparable harm to Seller for which damages will be difficult to ascertain. Therefore, in addition to all available remedies of the law, Seller shall be entitled to equitable relief. Seller and/or Broker shall be entitled to recover from Prospect attorney fees and costs associated with enforcing this agreement.

The Prospect hereby further agrees not to circumvent Broker or directly contact, negotiate, or enter into an agreement to acquire the property or assets of Seller without working through Broker. Prospect acknowledges that Broker is entitled to equitable compensation for its services and breach of this agreement could Compromise Broker’s ability to collect compensation from Seller. Therefore, in addition to all available remedies of the law, Broker shall be entitled to equitable relief including a fee equal to 10% of the purchase price.

Upon signing this agreement, Broker will provide Prospect information on one or multiple properties and/or businesses. This agreement shall be fully applicable and in force for the property located at 853 US-89, Logan, UT 84321, (the Property) presented to Prospect by Broker for a period of 2 years from the date of this agreement or for as long as Broker is entitled to earn a commission from Seller, whichever is less. This agreement shall survive the closing or sale of the Property, and shall be binding on Prospect’s heirs, successors and/or assigns.

This agreement shall be governed by and is subject to the laws of the State of Utah. If any provision is found unenforceable or invalid there under it will not invalidate or render the remaining provisions unenforceable. I acknowledge that I have read the Agreement carefully, fully understand it, and agree to it.

Property Details

  • Price: $7,100,000
  • Transaction Type: For Sale
  • Property Type: Hotel
  • Building Size: 50,162 SF
  • Lot Size: 2.4 AC
  • Cap Rate: 6.93%
  • Sale Type: Fee Simple
  • Year Built: 1996
  • No. Stories: 3
  • APN/Parcel ID 02-065-0024
  • Availability: Active Listing

Property Description

Even in the midst of the Covid-19 difficulties, the La Quinta Inn & Suites, Logan, UT has performed well with gross revenue approaching similar numbers that we achieved in 2019. Once travel restrictions are eased, the number of rooms sold may be expected to increase. Room rates may also be expected to increase due to higher demand, further increasing revenue.

In prior years this property operated as a Crystal Inn and was converted to a La Quinta Inn & Suites during a $1.4 million renovation in 2015. This property performed strongly through the unforeseen pandemic, maintaining an occupancy rate above 65% in 2020! ADR’s also held strong in this market while still achieving an ADR equal to 73% from 2019 numbers.

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Financial Summary (Actual - )

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