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Brokerage
Posted: February 11, 2008
Hart Hotels sells 117-room Holiday Inn to Bhavani Hotels for $5.65 million
The 117-room Holiday Inn on Dingens St. has been recently sold by Hart Hotels, Inc. to hotelier Jay Patel of Bhavani Hotels for $5.65 million.
The multi-story hotel was built in 1963 and operated as Holiday Inn until the late 1990s when it was renovated and rebranded as a Holida Inn Express. It was acquired by Hart Hotels in 1985.
"It was the right time and I thought we got a fair price from the buyer," said David Hart, president and chief executive of Hart Hotels.
Bhavani Hotels plans to make a total of $300,000 in improvements to the hotel by this summer.
Bhavani Hotels owns 15 hotels in their portfolio, including a Holiday Inn on Camp Rd. in Hamburg.
Hart Hotels is working on two area projects that include a Candlewood Suites in Amherst and the Watkins Glen Harbor Hotel.
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