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Brokerage
Posted: October 16, 2018
Outside the Region: Marcus & Millichap brokers $9.7 million sale of Holiday Inn Allentown
Breinigsville, PA Marcus & Millichap completed the sale of Holiday Inn Allentown I-78 Lehigh Valley, a three-story, 175-room hotel located 10 miles from Lehigh Valley International Airport. The asset sold for $9.7 million.
Manhattan-based Swon and Partners hospitality investment sales team of Marcus & Millichap led by Jerry Swon, acquired the exclusive listing to market the property on behalf of the seller, Meyer Jabara Hotels who operated the Holiday Inn. Team members Tim McCaffrey, Dan Zagoria and Brian Whelan all participated in the transaction.
“The transaction presented interesting challenges as it pertained to the sale of the Hotel and an adjacent parcel of land which we were able to successfully navigate through. It was a pleasure working with Meyer Jabara Hotels to bring forth the sale of the asset,” said Swon.
“We are pleased to have produced a buyer from the local market who was incentivized to invest further into this community. They identified a unique opportunity to reposition the hotel and are well poised to create even more value,” said Zagoria.
“Under Meyer Jabara’s leadership, the property has been a long standing fixture in the Allentown community. We anticipate the buyer will carry on that same tradition. It was a pleasure to represent Meyer Jabara in this transaction and we look forward to working with them as they continue to enhance their portfolio,” said McCaffrey.
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