Friday January 24th, 2014 - 3:44PM
ALLENTOWN, PA—HREC Investment Advisors arranged the sale of the 124-room Hampton Inn here.
Ketan Patel, SVP in HREC Investment Advisors' Washington, D.C. office and Geoff Davis, president and senior principal in the New York office, represented the seller during the transaction.
The hotel is adjacent Interstate 78, and proximate major commercial demand generators, including Sharp, Nestle, the Coca-Cola Co., Boston Beer Co. (Samuel Adams), and Amazon. The hotel is proximate Dorney Park & Wildwater Kingdom.
Patel stated, "The Hampton Inn Allentown presents a tremendous opportunity for the new owners. Allentown is a diverse submarket within the greater Lehigh Valley with numerous strong demand generators. The excellent location of the Hampton Inn, strength of the flag and proximity to those demand generators will allow it to grow and become a market leader when the buyer, Troutbrook/Freud Development, completes a multimillion-dollar renovation to transform the property. The buyers have engaged Marshall Hotels & Resorts to manage the property and financed the acquisition using GE Capital. This is also the third hotel HREC has sold in the recent years with the Lehigh Valley."