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 November Online Hotel Business Review

Feature Focus
Architecture & Design: Authentic, Interactive and Immersive
If there is one dominant trend in the field of hotel architecture and design, it’s that travelers are demanding authentic, immersive and interactive experiences. This is especially true for Millennials but Baby Boomers are seeking out meaningful experiences as well. As a result, the development of immersive travel experiences - winery resorts, culinary resorts, resorts geared toward specific sports enthusiasts - will continue to expand. Another kind of immersive experience is an urban resort – one that provides all the elements you'd expect in a luxury resort, but urbanized. The urban resort hotel is designed as a staging area where the city itself provides all the amenities, and the hotel functions as a kind of sophisticated concierge service. Another trend is a re-thinking of the hotel lobby, which has evolved into an active social hub with flexible spaces for work and play, featuring cafe?s, bars, libraries, computer stations, game rooms, and more. The goal is to make this area as interactive as possible and to bring people together, making the space less of a traditional hotel lobby and more of a contemporary gathering place. This emphasis on the lobby has also had an associated effect on the size of hotel rooms – they are getting smaller. Since most activities are designed to take place in the lobby, there is less time spent in rooms which justifies their smaller design. Finally, the wellness and ecology movements are also having a major impact on design. The industry is actively adopting standards so that new structures are not only environmentally sustainable, but also promote optimum health and well- being for the travelers who will inhabit them. These are a few of the current trends in the fields of hotel architecture and design that will be examined in the November issue of the Hotel Business Review.