Quality Inn auction doesn’t get minimum required bid

TUPELO – Last week’s auction of the former Quality Inn hotel and the four-acre property it sits on did not receive the minimum required $350,000 bid, or the 10 percent buyer’s premium, said CBRE Auction Services.

Douglas Johnson, CBRE’s managing director, said the South Dakota financial institution that owns the property is exploring its options. CBRE said the property alone – without the hotel or improvements – was appraised at about $800,000.

CBRE said some bidders wanted more time to review the property, and said it thinks the property will “sell very shortly at a price and terms acceptable to the bank.”

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