According to a release, the hotel guestrooms were recently renovated. Also the new owners plan to renovate public areas and install new furnishings in the restaurant and lounge. Guests Inc. will manage the hotel.
Vikram Antin, an associate in Marcus & Millichap's National Hospitality Group, tells GlobeSt.com that $7.4 million is a very good price and reflects valuations in the hotel asset class that are high even in secondary markets such as Hagerstown. "Hagerstown is not a major business or tourist center," he notes. "Taking that all into account, it is a well priced transaction."
Donohoe Hotel Advisory Group/Corfac International's Bill Moyer and Charlotte Seale structured the sale on behalf of the owner. "We were very pleased to conclude the sale of this hotel having selected a qualified purchaser with strong restaurant experience who will continue in the tradition of the previous ownership with fine dining and a new sense of style and service" Seale says in a statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
