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									                                Real Estate
           Auction
 RAMADA WOODLAWN HOTEL & CONFERENCE CENTER
   212 W. Woodlawn Rd. at I-77, Charlotte, North Carolina
Tuesday, July 26, 2005 – 1:00 P.M., ON-SITE




                                                                            Hotel Exterior
                 ing Facility
Hotel Atrium Meet




                                                Hotel
                                Ramada Woodlawn


                    Queen Hotels Development, Inc. Directs Immediate Sale of
       435-Room Hotel and 15,000 Sq. Ft.
        Conference Center on 10.3 Acres
    O ered Subject to Published Reserve Minimum of $3,950,000

       CHARTWELL GROUP, LLC / CHARTWELL AUCTIONS / NCAF #532
                 Gordon J. Greene, CCIM / NCAL #7753 / NC R.E. Broker & Auctioneer

                                 Telephone (216) 360-0009 / Fax (216) 360-0395
LOCATION: 212 W. Woodlawn Road, Charlotte,
NC 28217, at Exit 6B on East Side of I-77. From
Charlotte Airport take Billy Graham Parkway SE                RAMADA WOODLAWN HOTEL AND
crossing over I-77 where the Parkway becomes
Woodlawn Rd. Excellent hotel exposure on major               CONFERENCE CENTER / MUST BE SOLD!
Interstate Highway with 10.3 Acres of development
possibilities.
PROPERTY DESCRIPTION: 435 Guest Rooms &
Suites. 103 King Rooms, 42 Executive-Level Rooms,
255 Double/Doubles, 21 Singles, 10 Handicap & 4
Parlor Rooms. Restaurant, lounge, business center
& pool, plus 558 surface parking spaces. 14,892 Sq.
Ft. of Meeting & Banquet Facilities, including 6,494
Sq. Ft. Ballroom, and 2,615 Sq. Ft. Atrium Function
Area. Built in Phases of 335 Rooms and adjacent 100
Room expansion. e property could be operated as
two or more distinct hotel franchises. ere have
been expressions of interest in the Hotel from
Radisson, Country Inn and Suites, Comfort Inn,         Hotel Entrance
Ramada, Baymont Inn and Suites, and
Red Roof Inn.
REASON FOR SALE: More than $12,000,000
was invested in this hotel by the original owners
prior to 9/11. Subsequent to recent foreclosure,
this property is designated for Immediate Sale by
Queen Hotels Development, Inc. Title Services thru
First American Title Co. with Closing in Middle
September 2005.
BUSINESS OPPORTUNITY: e property has
been remodeled and upgraded continuously with
room additions in 1981 & 1985. Gross Revenue
from all sources prior to 9/11 was at $9,840,000.      Hotel Lobby                  Swimming Pool
Gross Revenue during 2004 was at $5,000,000 with
upward trend. Opportunity to a liate with two or
more national hotel franchise chains, or a partial
conversion to condominiums, retail, and o ce
use. Buy at your price in the rapidly improving
Hospitality Marketplace.
CASHIER’S CHECK REQUIRED TO BID: A
Cashier’s Check in the amount of $135,000 payable
to Colonial Title Company, Inc., Charlotte, NC, is
required to register to bid at auction.
ON-SITE INSPECTIONS: You are invited to
schedule an appointment to inspect the Property on
the following dates and times:                         Room Accommodation           Exercise Room
• Wednesday, June 29
• ursday July 7
• Friday, July 15
• Tuesday, July 19
• Friday, July 22
from 1:00 P.M. to 3:30 P.M.
Also Monday, July 25 from
2:00 P.M. to 5:00 P.M.
Call Gordon Greene at 216-839-2005 to Schedule
Appointment for these dates.
HOTEL ACCOMMODATIONS: Parties who have
acquired the Property Information Packet on the
                                                       Meeting Area                 Standard Finish
Ramada Woodlawn Hotel prior to a Scheduled
On-Site Inspection, or who have pre-registered to
bid at the July 26 Auction, may call Gordon Greene
at 216-839-2005 to arrange for a night’s hotel
accommodation at the Ramada Woodlawn at no                  CALL: Chartwell Group, LLC & Chartwell Auctions
charge on a space-available basis.                             Gordon J. Greene, CCIM @ 216-839-2005
                           BIDDER INFORMATION PACKETS FOR JULY 26, 2005 AUCTION
Please ll in all information on the form below. Enclose check payable to Chartwell Group, LLC in the full amount for the packet(s) requested and mail
to Gordon J. Greene, Chartwell Group, 4630 Richmond Rd., Ste. 240, Cleveland, OH 44128 or ll in your Visa/ MasterCard number and Fax to Chartwell
Group, LLC at 216-360-0395, Attention: Gordon Greene. e Packet Contains: (1) property overview; (2) demographics; (3) operating income &
expenses; (4) existing licenses; (5) operating leases; (6) schematics; (7) survey; (8) STAR Reports; (9) real estate taxes; (10) environmental report;
(11) legal description (12) permitted title exceptions; (13) purchase & sale agreement, and (14) and other pertinent information regarding the property.


                   RAMADA WOODLAWN HOTEL, Charlotte, NC—Information Packet                            QUANTITY _______________
                          $50 per packet + $15 Shipping & Handling = $65 Total Per Packet                TOTAL $ _______________


Name: ________________________________________________Company: ________________________________________________________

Address: _______________________________________________________________________________________________________________

City: _________________________________ State/Province: ___ Zip: ___________ Telephone: ________________ Fax: _______________

Visa/MasterCard# __________________________________ Expiration Date: ____________ Signature_________________________________



                            TERMS OF SALE FOR REAL ESTATE AUCTION, JULY 26, 2005
AUCTION FORMAT: All bidding is open and public. To bid during the                CLOSING DATE: e sale will close on or before September 8, 2005, at
auction, you need to raise your hand, shout out your bid or instruct an          the O ces of Colonial Title Company, Inc., Charlotte, NC, at which time
Auctioneer’s Assistant to call out your bid for you.                             Purchaser shall pay the balance of the purchase price. Title Insurance will
                                                                                 be issued through First American Title Insurance Co. Purchaser will have
DOCUMENT PACKAGE: A Bidder’s Packet (“Packet”) has been prepared                 one additional twenty-one-day option to extend the date of closing by the
and must be purchased by mail or at On-Site Inspections in order to bid.         non-refundable payment of an amount equal to 0.45% of the total purchase
ATTORNEY REVIEW RECOMMENDED: All information contained                           price for the extension. Please refer to the Real Estate Purchase Agreement
in this brochure and all other auction-related material, such as the             in Bidder’s Packet for details. Time is of the essence.
Packet, should be carefully reviewed by an attorney prior to the auction         BUYER’S PREMIUM: is sale at auction will provide that the Purchaser
and is subject to and may be superseded by (1) the Real Estate Purchase          pay to the Seller as part of the total purchase price a premium (fee) equal to
Agreement to be signed at the auction, as well as by (2) announcements           6% of the high bid or o er price. e buyer’s premium will be added to the
made from the podium prior to the commencement of bidding.                       high bid price in the Real Estate Purchase Agreement to determine the Total
AUCTION REGISTRATION: All parties seeking to bid on the property at              Purchase Price. Financing, if any, is calculated on the Total Purchase Price.
the auction must sign in at the registration table and show the possession of    CONDITION OF THE PROPERTY: is property is being sold AS-IS.
the required cashier’s or certi ed check. All bidders will be required to sign   Your complete inspection of the property by your experts prior to the
a statement (“Bidder’s Statement”) prior to commencement of bidding that         auction is encouraged. Parties inspecting property assume all risks.
the bidder has inspected the property and sale documents.
                                                                                 CONDUCT OF THE AUCTION: Neither Seller, nor Auctioneer is
REQUIREMENTS OF THE HIGH BIDDER: e High Bidder on the                            permitted to bid at the auction. Conduct of the auction and increments
Ramada Woodlawn Hotel will be required to immediately tender the                 of bidding are at the direction and discretion of the Auctioneer.
required cashier’s check of $135,000 as initial earnest money made payable       Announcements made from the podium supersede printed material.
to Colonial Title Company, Inc., as Escrow, Agent, and sign the Real Estate      Auction is open to registered bidders and invited guests. In the event of
Purchase Agreement. e initial down payment must be increased by                  a dispute between bidders, the Auctioneer shall make the nal decision
cashier’s check to a total of 8% of the total purchase price, by 4:00 P.M.,      to accept the nal bid, to re-o er and re-sell the property, or to remove
Monday, August 1, 2005, delivered to the o ces of Colonial Title Company,        the property from the auction. If any disputes should arise following the
Inc., 1714 Cleveland Avenue, Charlotte, NC 28203, tel. 704-643-3411,             auction, the Auctioneer’s records shall be conclusive.
fax 704-643-1334, Attn.: John C. Surles, V.P. and General Counsel.
                                                                                 AGENCY DISCLOSURE: Chartwell Group, LLC, Chartwell Auctions,
AUCTION PROCEDURE: e Ramada Woodlawn Hotel is o ered Subject                     Jones Lang LaSalle, and Gordon J. Greene, (“Brokers/Auctioneer(s)”) and
to a Published Minimum Reserve Bid of $3,950,000. e authorized                   all parties associated with Brokers/Auctioneers represent the Seller in this
signatory of the Seller will be at the auction. e nal high bid will be           sale.
accepted at the time and place of the auction in the event the high bid is
equal to or greater than the stated minimum bid. e Auctioneer reserves           DISCLAIMER: e information contained herein is subject to
the right to ask for an opening bid below the published minimum bid. In          inspection and veri cation by all parties relying on it. is sale is being
the event the bidding level does not reach the Published Minimum Bid, the        conducted subject to the Terms of Sale and the Real Estate Purchase
o er will be considered With Reserve, Subject to Seller Acceptance. e            Agreement. No liability for its inaccuracy, errors or omissions is
Seller has the right to accept the high bid below the Published Minimum          assumed by the seller or broker/auctioneer. ALL ACREAGE, SQUARE
Bid at the time and place of the auction. e nal high bid must be                 FOOTAGE, AND DIMENSIONS ARE APPROXIMATE. is o ering
irrevocable until 4:00 P.M., Eastern Time, August 2, 2005.                       may be withdrawn, modi ed, or canceled without notice at any time. e
                                                                                 Property is subject to prior sale. is is not a solicitation or o ering to
FINANCING: Please make arrangements for third-party nancing prior                residents of any jurisdiction where prohibited by law.
to closing. is Property is not o ered subject to Purchaser obtaining
 nancing.
               CHARTWELL GROUP, LLC
               4630 Richmond Road, Suite 240
               Cleveland, Ohio 44128
               Telephone: 216-360-0009
               Fax: 216-360-0395

Gordon J. Greene, CCIM, NC R.E. Broker #149554
& Auctioneer / NCAL #7753 / NCAF #532




Hotel Entrance

 RAMADA WOODLAWN HOTEL & CONFERENCE CENTER
 CHARLOTTE, NORTH CAROLINA
 O ered Subject to Minimum Bid of $3,950,000
 AUCTION: TUESDAY, July 26, 1:00 P.M.
 AXP/5060276




        Real Estate Auction
   RAMADA WOODLAWN HOTEL & CONFERENCE CENTER
     212 W. Woodlawn Rd. at I-77, Charlotte, North Carolina
  Tuesday, July 26, 2005 – 1:00 P.M., ON-SITE




                                                                   and Meeting Facility
                  nce                            Atrium Restaurant
Ramada Hotel Entra

								
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