Sunburst Hotel Holdings and SJB Equities get 13 properties, including wholly owned hotels and joint venture interests, as well as four development parcels in seven states. The buyers put up $9.5 million in cash and assumed mortgages totaling $18.6 million.
The sale was approved by the US Bankruptcy Court. Chanin Capital Partners acted as financial advisor to Arlington Hospitality Inc., holding an auction after Silver Spring, MD-based Sunburst Hotel Holdings offered $21.3 million for Arlington Hospitality's assets. Chicago-based Cohen Financial continues to market the 53,831-sf, 32-year-old office building.
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