Business & Finance

MBA Hotel Brokers Closes Sale of the Eisenhower Hotel and Conference Center in Gettysburg, Pennsylvania

GLENWOOD, MD. July 19, 2017 – MBA Hotel Brokers, Inc. announces the sale in June of the portfolio sale including the Eisenhower Hotel and Conference Center, Aspire Hotel, Allstar Events Center, and Devonshire Village Condominiums.

The portfolio sale consisted of the last remaining properties in a large estate. Due to the complexities of estate ownership with many heirs, and the expediency of the auction process, the property was auctioned on May 12th.

Charlie Fritsch worked hard to galvanize interest in bidders prior to the auction and secured a field of motivated buyers making offers before the auction and bidding live during the auction. The portfolio sold to the highest bidder, at a price of $4,300,000., plus the buyer's premium.

One of the challenges of the sale was the extent of repairs and renovations necessary. The combined properties rely on an on-site waste-water treatment facility which needed an approximate $1 million rebuild.

The buyers are experienced hoteliers, who are familiar with construction and renovation projects. The buyers plan to convert the three story Aspire Hotel to a Comfort Inn and continue to operate the Eisenhower Hotel as an independent.

The Aspire Hotel is only 14 years old and features 104 oversize guest rooms; it is 3 stories with interior corridors and was renovated in 2013. The Eisenhower Hotel is 2 stories with interior corridors and 203 keys. It also includes 27,000 sq. ft. of meeting space. The Allstar Expo and Family Amusement Center can host large exhibitions with 50,000 sq. ft. of convention space, and also includes various family activities. The Devonshire Village Condominiums consist of 52 residential units rented as apartments. The entire portfolio includes about 100 acres, 58 of which are undeveloped.

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, in 26 states throughout the USA. For more information, contact Charlie Fritsch at Charlie@mbahotels.com or go to wwwwww.mbahotels.com.

Coming Up In The September Online Hotel Business Review




{300x250.media}
Feature Focus
Hotel Group Meetings: Blue Skies Ahead
After a decade of sacrifice and struggle, it seems that hotels and meeting planners have every reason to be optimistic about the group meeting business going forward. By every industry benchmark and measure, 2017 is shaping up to be a record year, which means more meetings in more locations for more attendees. And though no one in the industry is complaining about this rosy outlook, the strong demand is increasing competition among meeting planners across the board – for the most desirable locations, for the best hotels, for the most creative experiences, for the most talented chefs, and for the best technology available. Because of this robust demand, hotels are in the driver’s seat and they are flexing their collective muscles. Even though over 100,000 new rooms were added last year, hotel rates are expected to rise by a minimum of 4.0%, and they are also charging fees on amenities that were often gratis in the past. In addition, hotels are offering shorter lead times on booking commitments, forcing planners to sign contracts earlier than in past years. Planners are having to work more quickly and to commit farther in advance to secure key properties. Planners are also having to meet increased attendee expectations. They no longer are content with a trade show and a few dinners; they want an experience. Planners need to find ways to create a meaningful experience to ensure that attendees walk away with an impactful memory. This kind of experiential learning can generate a deeper emotional connection, which can ultimately result in increased brand recognition, client retention, and incremental sales. The September Hotel Business Review will examine issues relevant to group business and will report on what some hotels are doing to promote this sector of their operations.