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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.