MBA Hotel Brokers, Inc., a member of Hotel Brokers International, announce their successful marketing and sale of the Comfort Inn & Suites located in York, Pennsylvania. John Downes, Associate Broker with MBA Hotel Brokers Inc., represented the seller, CIN Associates, in the sale. John Downes also procured the buyer, Pearls Hospitality LLC in this transaction.
Built in 2000, this 129 key, 4 story hotel is a Choice Hotels Gold Award winner. The hotel has a prominent location off Interstate 83, near York College, York Fairgrounds and many local corporate offices. Revenues have grown steadily since 2009.
This is the third hotel sold by MBA Hotel Brokers Inc. in York, Pennsylvania in the last 8 months; the two previous sales were the Country Inn & Suites and Wingate Inn by Wyndham. This demonstrates the ability of MBA to penetrate and maximize activity in a given hotel market area.
This was an unusual sale in that the Comfort Inn & Suites is located on leased land and not sold as fee simple as the most of hotels today are sold. This complicated the purchase and reduced the number of available and interested buyers; yet, MBA Hotel Brokers was able to locate a local buyer who is familiar with land leases having just opened a new hotel in central Pennsylvania which is also constructed on leased land.
Niraj Parekh, the main contact for the group of investors who purchased the hotel, praised John Downes, saying, “While MBA represented the seller in this transaction, John was also very helpful to the buyers, especially in expediting the franchise application and franchise agreement process with Choice Hotels International where MBA has some valuable business contacts and has formed a strong relationship with the franchisor.”
Justin Shelton, President of Springwood Hospitality, the management company for the selling entity, stated, “MBA showed perseverance and diligence in quickly locating a qualified buyer for our hotel and John constantly communicated with both parties to ensure the transaction closed. We look forward to our next deal with MBA in the near future.”
MBA Hotel Brokers Inc. has been advising on hotel transactions for over 18 years and has been a member of Hotel Brokers International for the last 13 years. MBA Hotel Brokers Inc, with its corporate office headquartered in Maryland, has satellite offices located in the Mid-Western and Southeastern United States and is licensed in 11 states. John Downes has been an associate broker with MBA for 4 years and is located at MBA’s corporate office in Maryland. To learn more, contact John Downes at [email protected].
Founded in 1959, Hotel Brokers International (HBI) is the industry leader in hotel real estate sales. HBI’s more than 75 hotel brokerage specialists have successfully negotiated more than 10,000 hotel real estate transactions and most recently have accounted for 48 percent of all select-service and economy hotel sales in the United States. The organization’s database currently comprises more than 150 property listings and the HBI website attracts more than 50,000 monthly site visitors from approximately 40 different countries. Founder and host of the popular Hotel Investor’s Marketplace Webcast, HBI also developed the Certified Hotel Broker professional designation program. In addition to hospitality real estate advisory services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals and investment services. For more information about HBI’s hotel listings or to become a broker or affiliate member, visit www.hbihotels.com.
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