Penta Announces Closure of Penta Fund A, Initiates Penta Fund B
APRIL 4, 2008. Penta Hospitality announced the acquisition of the Regency Inn in Greeley, Colorado and closed Penta Fund A. In a previous announcement, Penta representatives announced the acquisition of the Regency Inn in Greeley which will be upgraded and renovated to be a Clarion Inn and Conference Center. This 148 unit facility has over 27,000 square feet of conference space. The fund which opened in January 2007 was for $7.5M and in addition to the Colorado property, acquired the San Angelo Inn, in San Angelo, Texas. This 148 unit property is currently going thru upgrades and renovations and will be opening as the Radisson Hotel San Angelo in mid summer. Located next to the San Angelo Conference Center, this full service hotel will be an integral part of the San Angelo community. Also part of the fund is the Days Inn Arcata, a 78-unit hotel with restaurant and bar located in Arcata, California.
The company plans on developing a 80 unit La Quinta Inn and Suites adjacent to the Days Inn and plan on breaking ground in early summer. The last two properties, which are also adjacent to each other, are the Fairfield Inn and Charleston Plaza Hotel, in Charleston, West Virginia. The 136 unit Fairfield is in its final stages of renovation and the 160 unit Charleston Plaza is currently being upgraded and renovated and will be Best Western Charleston Plaza.
These acquisitions represent a total room count of over 750 rooms. "All the properties are in process of upgrade or renovation and we target to have all the work completed by the end of spring" according to Anil R. Patel, principal, Penta Hospitality.
"With the closure of Fund A, we are now on the road to raise our second equity fund" according to Tarun S. Patel, principal, Penta Hospitality. "Fund A represents solid returns and the return targets are still in line with our original projections". "While the debt markets have gotten tighter, we believe that there will be opportunities for acquisition and we want to be in a position to act quickly as they arise". Fund B according to Patel, is targeted to be a $15M fund and was initiated in January. "We expect that some of our current investors will participate in the new fund moving forward."
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