|By Sean Adkins, York Daily Record,
Pa.McClatchy-Tribune Regional News
Feb. 07, 2012--YORK, Pa. -- The name of the Yorktowne Hotel hasn't changed, however, the downtown landmark has gained both a new owner and management company.
On Dec. 12, at a York County Sheriff's Sale, the hotel passed from its former owner, the York Hotel Group, to VIII- Hotel II P Loan Portfolio Holdings LLC.
That company, VIII- Hotel II P Loan Portfolio Holdings, is an entity of Starwood Capital, a privately held investment firm with offices Greenwich, Conn. and Washington D.C.
"Starwood Capital is very well funded and we are proud to have them as our new owners," said Rick Cunningham, general manager of the hotel. "The cloud that been over our us for the last year went away on Dec. 12 and the York community can be glad where the hotel is going,"
In addition to the new owners, the hotel is now under the management of Hersha Hospitality in Harrisburg, he said.
Hersha is a real estate investment trust, which owns interests in more than 70 hotels in the Northeast region, according to the company's website.
Recently, the management company hired all the hotel's staff, he said. Also, the Yorktowne's restaurants, the OffCenter Grill and Commonwealth Room, will remain in business.
"I think this will give us some new insight and new ideas on how to serve downtown York and the outlining community and bring more people downtown," Cunningham said. "We expect our wedding and banquet business to continue to grow."
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