Optimum Advises on Sale of Crowne Plaza in Enfield, CT
Distressed Connecticut Full Service Hotel Sold to California-Based Owner/Operator
ELKINS PARK, PA, December 22, 2009 - Optimum Hotel Brokerage announced today that the firm has advised on the sale of the Crowne Plaza Enfield Springfield in Enfield, Connecticut. The 174-room full service hotel occupies a prominent and highly visible exit location on Connecticut busy Interstate 91, north of Hartford and near Bradley International Airport. The full service hotel was purchased by a California-based owner and operator. The Crowne Plaza Enfield Springfield features an outdoor pool, full service restaurant and lounge, extensive banquet and meeting space, and a business center. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage had been engaged as the Exclusive Licensed Connecticut Real Estate Broker in a lengthy two-year marketing of the property. The new owners plan to convert the property to a full service Holiday Inn.
“The Crowne Plaza Enfield Springfield occupies a prominent ten-acre site at a busy Interstate 91 exit location, convenient to Bradley International Airport and located equidistant from the busy cities of Hartford, Connecticut and Springfield, Massachusetts. “The hotel had been suffering from some challenging financial and market conditions that placed the property in distress,” explained McCann. “After a lengthy and involved marketing process, the transaction was aided with cooperation from the franchisor and lender. 2009 has been a challenging year in the lodging industry, but we believe that 2010 will be a period of recovery in the sector. Optimum Hotel Brokerage is busy working with owners, lenders and special servicers in finding creative solutions in marketing and selling their distressed hotel assets in the Northeast and New England regions”, McCann added.
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