YORK, PA-The Comfort Inn & Suites has been sold, according to MBA Hotel Brokers, which handled the transaction.
John Downes of MBA represented the seller, CIN Associates, and found the buyer, Pearls Hospitality. The purchase price was not disclosed.
The 13-year-old, 129-key hotel is located off Interstate 83, near York College, York Fairgrounds and many local corporate offices. Revenues have grown steadily since 2009, according to the broker.
This is the third York hotel sold by MBA in the last 8 months. The two previous sales involved the Country Inn & Suites and Wingate Inn by Wyndham.
“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,” said Downes. “This complicated the purchase and reduced the number of available and interested buyers,” he said.
However, MBA was able to identify a local buyer who is familiar with land leases, since he recently opened a hotel in central Pennsylvania which is built on leased land.
Niraj Parekh, a spokesperson for the group of investors who purchased the hotel, said MBA helped expedite the franchise application and agreement process with Choice Hotels.
MBA is a long-time member of Hotel Brokers International. Its headquarters are in Maryland.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
