Auction.com iPad App Used By Bidder To Buy Hotel For $2.2 Million

Posted by Patrick Barnard on January 12, 2015 No Comments
Categories : Commercial Mortgage

Auction.com LLC, an online real estate marketplace, says the $2.2 million Quail Hollow Inn, a Best Western property in Benson, Ariz., has been sold to Kalthia Group Hotels, a growth-oriented hospitality management company. In doing so, Himanshu Sarvaiya, vice president of development with Kalthia Group Hotels, became the first bidder to win a commercial real estate auction using the Auction.com iPad app.

‘A large portion of my job is spent outside my office,’ comments Sarvaiya. ‘With the Auction.com app, I can bid on properties our firm is interested in and never miss a deal because I'm away from my computer.’

Launched in June 2014, the Auction.com mobile app allows buyers to locate and bid on commercial and residential real estate from nearly anywhere. The app fully integrates Auction.com's platform and the iPad's technical infrastructure to produce an entirely new user experience. Since its launch, the app has been downloaded 100,000 times and has delivered 81 winning bidders on residential properties.

‘Real estate isn't just moving online; it's increasingly moving onto mobile devices,’ says Jeff Frieden, CEO and co-founder of Auction.com. ‘We created our iPad app to make it easier for people everywhere to buy and sell real estate, and its popularity certainly confirms our belief that the future of real estate is going to be driven by smart technology solutions.’

The company just released an iPhone bidding app and is in the process of developing a comprehensive, multi-platform mobile product suite.

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