DelMonte Hotel Group Sells NY Portfolio
Hunter Hotel Advisors represented the seller in the disposition of the Courtyard by Marriott properties, which the new owners plan to renovate by investing $5 million in capital improvements.
By IvyLee Rosario
Courtyard by Marriott Newburgh Stewart Airport
Rudra Management and Empire Hotels have acquired three Courtyard by Marriott hotels in upstate New York from DelMonte Hotel Group. Hunter Hotel Advisors represented the seller in the transaction.
The portfolio comprises the 78-key Courtyard by Marriott Binghamton/Vestal, the 108-key Courtyard by Marriott Buffalo Amherst/University and the 78-key Courtyard by Marriott Newburgh Stewart Airport. All three hotels feature the Courtyard by Marriott signature Bistro – Eat. Drink. Connect. dining, a fitness center, meeting room, indoor pool and whirlpool, as well as Queen, King and Suite-style guestrooms.
“The acquisition represented a great opportunity for the buyer to expand their hospitality footprint in New York, while acquiring three Marriott hotels well below replacement costs,” said Trey Scott, senior vice president with Hunter, in prepared remarks. “The new owners are planning to spend more than $5 million on capital improvements between the three hotels.”
In October, Hunter Hotel Advisors represented an institutional client in the sale of TownePlace Suites by Marriott and Candlewood Suites Rogers, two hotels in Bentonville, Ark.
Image courtesy of Google Street View
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