The new owner, doing business as Hospitality Associates of Harrisburg, plans a $5.5-million renovation of the exterior, guest rooms, meeting facilities and public space. As part of the upgrade, the hotel's key count will decrease to 276 in a reconfiguration of several meeting rooms and offices to provide additional meeting and event space.
Currently the property has approximately 28,000 sf of meeting space, which will be expanded to more than 32,000 sf and include a 100-seat amphitheater. The asset contains indoor and outdoor swimming pools, a fitness center and outdoor tennis and basketball courts.
Milestone owns and operates two other properties in this region: Holiday Inn Harrisburg-Hershey in Grantville and Best Western Inn Hershey. With this acquisition, the company's Harrisburg portfolio encompasses 622 guest rooms and 50,000 sf of meeting space. Noting that Holiday Inn East is equidistant between its other Central Pennsylvania properties, Lea Ann Kish, COO, says it is "an ideal addition to our existing property ownership."
Milestone owns and or manages 15 properties throughout the US and Canada. RockBridge financed four of its transactions over the past five years. James T. Merkel, RockBridge's managing director, says the current transaction "demonstrates Milestone's ability to find value in under-improved and under-managed assets."
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