MBA Hotel Brokers Closes Sale of the Econo Lodge, Fort Payne, Alabama

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. May 03, 2016

GLENWOOD, MD. May 3, 2016 - MBA Hotel Brokers, Inc. announces the successful sale of the Econo Lodge, Fort Payne, Alabama last month, at a final sale price of $1,265,000. Suresh Patel, Associate Broker, represented the seller, Shay Inc. MBA Hotel Brokers, Inc., also procured the buyer, Krishna Hospitality Management LLC.

The Econo Lodge is located just off Interstate 59 in northeast Alabama. Exit 218 on I-59 is located between Birmingham, AL and Chattanooga, TN. The hotel is limited service 78 room, two story, and exterior corridor. The property is concrete block and brick construction and includes an outdoor pool, breakfast area and meeting room

A challenging factor to this sale is that the Econo Lodge is located on a land lease. However, in this case the land lease is net positive due to rent that is paid from a Waffle House restaurant located on the property. There are 45+ years remaining on the land lease.

Mr. Patel of Krishna Hospitality Management, the buyer of the Econo Lodge, said “Suresh Patel and MBA Hotel Brokers' service and experience were instrumental in successfully completing this transaction. I will use MBA Hotel Brokers' service in the future for other acquisitions.”

The seller of the Econo Lodge, Ms. Dave, also praised Suresh Patel, saying “Mr. Patel was very helpful from start to finish; without his help I could not have sold my property. I really appreciate his help from bottom of my heart. Thank you again.”

MBA Hotel Brokers Inc. has been advising on hotel transactions for over 20 years. MBA Hotel Brokers has a corporate office headquartered in Maryland and five additional branch locations. MBA Hotel Brokers Inc. has closed hundreds of hotel sales, across the U.S. For more information, contact Suresh Patel at [email protected] or Charlie Fritsch at [email protected] or go to www.mbahotels.com.