Thursday November 14th, 2013 - 10:19AM
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.