News for the Hospitality Executive
Neck, NY - May 14, 2007 - Deirdre Ventura, CHB President of Innvest Hotel
Brokers announced today that the firm sold the mixed-use 100-unit Days
Inn, located at 450 Memorial Drive in Chicopee MA, and the interconnected
commercial office building, which traded for an undisclosed price approximately
2.5 times revenue. The Buyers are regional operators with other interests
in the New England market. Principal Deirdre Ventura, CHB and Julie Chan,
Associate Broker, exclusively handled the transaction.
The Days Inn—full-service, recently renovated, interior-corridor, 100-unit property— was built in 1987 as a Comfort Inn, in 2002 converted to a Parks Inn, and in 2005 to a Days Inn. The property is located on Memorial Drive, which is also known as Route 33, and opposite the newly redeveloped Chicopee Marketplace, which totals 156,000 square feet and anchored by Wal-Mart and Home Depot. This new shopping center is projected to create 200 new jobs and $250,000 in tax dollars annually.
According to Ventura, “Because of the quality and location of the Hotel, there was a lot of excitement generated by this listing. Under the seller’s ownership, the seller did a tremendous job of increasing the rent roll from the office building. Innvest accepted the listing, prepared the property for market with a complete due-diligence package, exposed the property to our market of pre-qualified buyers, and then presented several offers to the seller. The transaction was more complicated because of the existing securitized financing, which was eventually defeased.”
Deirdre Ventura, CHB