About the coming Pheasant Run auction
• An online auction for the Pheasant Run Resort at 4051 E. Main St. will run Monday through Wednesday.
• Bids start at $2 million, with a $25,000 participation deposit.
• The auction is facilitated through the Ten-X Commercial real estate website, which lists and markets properties nationwide.
• With a live bid format, potential buyers must find properties ahead of time, conduct their due diligence and register to make offers. Buyers must be approved before submitting bids.
• Sellers are able to review all activity and interest in their property.
• A countdown allows all parties to see how much time remains for incoming bids.
• Once the clock hits zero, the property is sold to the highest bidder who meets the reserve price, which is the minimum a seller will accept. The starting bid is not the reserve price.
• After the auction ends, the buyer signs purchase documents, and escrow is automatically opened. The transaction closes when the buyer and seller deliver all required documents and funds.
• The 18.3-acre Pheasant Run site is listed as an "extraordinary lodging investment opportunity" with the potential for redevelopment and rebranding opportunities.
• The resort has 293 hotel rooms and suites, seven restaurants and 31,930 square feet of banquet and meeting space.
• It also operates a comedy club, theater, indoor-outdoor pool and an 18-hole golf course that it leases from the adjacent DuPage Airport.
• Interest has been shown from international hotel brands such as DoubleTree, Delta, Crowne Plaza, Clarion and Wyndham.
Source: Ten-X Commercial website