PHILADELPHIA—Ayer Capital Advisors, The Wankawala Organization and Ashwin Pandya have acquired a 155-room Holiday Inn Express & Suites in King of Prussia, PA.
The hotel is located near the convergence of four major thoroughfares: I-76, I-276 (Philadelphia Turnpike), U.S. 422 and U.S. 202. Nearby demand generators include Valley Forge National Park, Valley Forge Convention Center and King of Prussia Mall, the largest enclosed shopping mall in the county and a popular tourist attraction. It has a desirable select-service brand (part of Intercontinental Hotels Group) with strong in-place cash flows and superior market share penetration, according to the company.
The hotel completed more than $2.3 million in comprehensive capital improvements in August 2015.
The current portfolio owned and managed by the group includes eleven select-service hotels with a total of more than 1,200 rooms. Ashwin Pandya, Ayer and TWO plan to add more than $200 million worth of premium-brand, select-service hotels in the next two years.
Cronheim Hotel Capital of Chatham, NJ (CHC) financed the acquisition of the hotel. It sourced and negotiated the permanent, fixed-rate financing with a securitized lender. It is CHC’s sixth transaction with TWO and its partners.