Thursday, June 27, 2019

Innovative Hospitality Management Buys Hotel Near Hersheypark

Local investment firm Innovative Hospitality Management purchased the 110-room Hampton Inn & Suites in Hershey, Pennsylvania, from New York-based The Blackstone Group.

The three-story hotel at 749 E. Chocolate Ave. was built in 1999. The Class B property spans 2.2 acres less than a mile from Hersheypark.

Ketan Patel and Kevin Hanley with HREC Investment Advisors represented the seller, which originally purchased the property as part of a portfolio in December 2013, CoStar data shows.

Greg Porter at HREC Capital Markets Group led purchase financing. The non-recourse acquisition loan was sized to 72.6% of the purchase price plus budgeted PIP cost and 71.5% of the property’s post-PIP value and has a 10-year fixed rate of 4.35% and 30-year amortization.

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