2270 State St Greenfield, IN 46140

This 96-key hotel, located at 2270 N State St, Greenfield, IN 46140, presents a unique investment opportunity. The 52,704 square foot, two-story property sits on 3.29 acres (APN: 30-07-20-400-002.001-009) and was built in 1986. Currently undergoing a conversion to a Best Western, this hotel boasts a grand entrance and lobby, and includes the largest meeting room in Greenfield (730 sq ft, capacity 50). The property benefits from three high-value billboard leases generating significant monthly impressions (1,800,000 adults per month), and enjoys a prime location—the first visible property off Interstate 70, situated in a USDA zone. While the hotel has been under court-appointed receivership since 2020, recent data shows an average RevPAR of $83 for the past two years, and the asking price of $5,750,000 equates to $59,895 per key. Furthermore, a significant development project (200 acres, $500,000,000) including a large conference center (26,000 sq ft, capacity 600) is planned nearby, promising increased future demand. This presents a compelling opportunity for investors to capitalize on the property's location, existing infrastructure, and the potential for growth driven by the nearby development.