Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm, today announced the acquisition of a 78-room Holiday Inn Express & Suites Hotel in Quakertown.
Ayer will work with The Wankawala Organization to manage the property. The existing portfolio owned and managed by the group includes nine select service hotels with a total of more than 1,000 rooms.
Ayer and Wankawala plan to acquire more than $150 million worth of brand select service hotels in the next 18 months.
To read more about the acquisition, check out this news release from PR Newswire:
According to a published report from National Real Estate Investor in 2013, the firms bought a 127-room Holiday Inn Express hotel near Andrews Air Force in Camp Springs, Md., for $8.5 million.
Could the firms be eyeing more Holiday Inn hotels in the Greater Lehigh Valley?