QUAKERTOWN, PA-A partnership of investment firm Ayer Capital Advisors of Port Washington, NY and hotel owner and management company The Wankawala Organization of Philadelphia has acquired the Holiday Inn Express & Suites Hotel here.
Ayer will work with The Wankawala Organization to manage the 78-room property. The current portfolio owned and managed by the group includes nine select service hotels with a total of more than 1,000 rooms. Company officials state that Ayer and Wankawala plan to acquire more than $150 million worth of premium brand select service hotels in the next 18 months.
"We are excited to expand the hospitality investment platform with TWO to source, acquire and manage premium branded hotel investments," states Venkateshwaran Raja, managing principal of Ayer Advisors.
Mihir Wankawala, founder of The Wankawala Organization, adds, "The addition of this asset enhances our portfolio and long term strategy we have put in place. The company continues to execute on its long-term plan of establishing itself as one of the premier owner and manager of high quality hotels in the mid Atlantic region.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
