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RiverBrook Equities Acquires Williamsburg Hotel as Part of $30M Hospitality Portfolio Buy
RiverBrook Equities has acquired the Holiday Inn Express & Suites Williamsburg in Williamsburg, VA as part of a three-property portfolio purchased for a combined $29.8 million.
The other properties in the portfolio are the Allentown Park Hotel by Choice Hotels in Allentown, PA and the Travelodge by Wyndham in Philadelphia, PA.
RiverBrook funded its acquisition with a debt package of $18.6 million arranged by a Meridian Capital Group team of Morris Betesh, and Alex Bailkin.
The Holiday Inn Express & Suites Williamsburg features 118 guest rooms and is minutes from historic colonial Williamsburg and 25 minutes away from Williamsburg International Airport.
“We believe in the limited-service hospitality sector, and we capitalized on the opportunities presented to us,” said Steven Mendel, COO of RiverBrook Equities. “We expect the full recovery of the industry and are looking forward to continuing to expand our portfolio with similar add-on acquisitions.”
- ◦Sale/Acquisition
