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Meadville Quality Inn Sells for $2.7M

Thursday November 14th, 2013 - 10:19AM

The Meadville, PA, Quality Inn recently sold for $2.75 million.

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.