Posted 9/17/2012 - 9:23:07 AM
The Days Inn Southington in Connecticut sold for $2.4 million.
SOUTHINGTON, CT—A 71-unit Days Inn, here, was sold to Viththal, LLC for $2.4 million by Lighthouse Laning Street, LLC, an entity of a California-based private lender.
According to Tom Hamm, national director/hospitality of Sperry Van Ness, which handled the transaction, SBA financing was provided by Freedom National Bank.
Originally built as a Howard Johnson in 1965, the hotel operated as a Red Carpet Inn prior to foreclosure by the lender. In consultation with Hamm, Lighthouse installed management, completely renovated the hotel and reflagged it as a Days Inn. The repositioning program drove occupancies from about 15 percent prior to the foreclosure to more than 80 percent recently, accompanied by high guest satisfaction scores, according to Hamm.
In addition to the guestrooms there is a meeting room and business center.