Meadville Quality Inn Sells for $2.7M
Thursday November 14th, 2013 - 10:19AM EFH
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MEADVILLE, PA—MBA Hotel Brokers Inc., a member of Hotel Brokers International, sold the Quality Inn here.
Charlie Fritsch, MBA president, represented the seller, Aryan Inc., in the $2.75 million sale.
Lynda Drehmer, capital markets advisor of MBA Capital Funding, arranged financing for the buyer, Siddhi Laxmi, Inc., with an SBA loan. Drehmer secured a loan of $2.37 million that includes capital for PIP renovations, working capital and franchise fees. The borrower’s cash injection was $550,000, about 18% of the project cost.
The buyer, plans to renovate the 61-room, three-story hotel and continue to operate it as a Quality Inn.
Tags: Meadville • Quality Inn • Siddhi Laxmi • MBA Hotel Brokers • Hospitality • Acquisitions • Brokers • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.