Thursday, July 9, 2015

Blenheim Hospitality Sells Hampton Inn Wyomissing for $16M

Wankawala Organization and Ayer Capital Advisors have acquired the 142-room Hampton Inn at 1800 Papermill Rd. in Wyomissing, PA from Blenheim Hospitality LLC for a total of $16 million.

The gross sales price was allocated as $10 million for the real estate ($70,000 per door) and $6 million for personal property, FFE, licensing, and associated defeasance costs.

The four-story, 30,384-square-foot hospitality property was built in 1987. The average occupancy at the time of the deal was 70 percent with an ADR of $125 and RevPAR of $87.50.

The buyers funded the acquisition in-part with a new $15.2 million loan through Cronheim Hotel Capital. It caries a 120/360 term at a 79-percent LTV.

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