Wyomissing, Pennsylvania (PRWEB) June 12, 2015
Ayer Capital Advisors ("Ayer"), an investment firm, and The Wankawala Organization ("TWO"), a hotel owner and management firm are pleased to announce the acquisition of a 142 room Hampton Inn in Reading/Wyomissing, Pennsylvania. The hotel is located strategically off Route 422 in the heart of Wyomissing, Pennsylvania, close to Reading Hospital, numerous office parks and retail centers. It has a desirable select service brand (part of Hilton Hotels) with strong in-place cash flows and superior RevPAR penetration levels.
- Excellent location in an established market. The hotel has an in-fill location adjacent to Berkshire Mall, a regional enclosed mall, within walking distance to fine dining and shopping. The hotel is well maintained institutional quality asset
- Strong Hilton brand affiliation: The hotel has secured a fifteen year Hampton Inn franchise agreement with Hilton.
- Proven attractive income producing asset: The hotel was acquired with an income yield of over 10% based on trailing revenues.
Exceptional reviews on TripAdvisor: http://www.tripadvisor.com/Hotel_Review-g54040-d224329-Reviews-Hampton_Inn_Reading_Wyomissing-Wyomissing_Pennsylvania.html
- Planned hotel renovation plan: Opportunity to further increase RevPAR penetration with a planned comprehensive renovation of the entire property. All rooms will receive a full replacement of soft and case goods, along with bathroom upgrades. The lobby, meeting space, corridors, and food & beverage areas will all be renovated as well.
The current portfolio owned and managed by the group includes ten select service hotels with a total of over 1,000 rooms. Ayer and TWO plan to add over $150 million worth of premium brand select service hotels in the next two years. "We are excited to expand the hospitality investment platform with TWO to source, acquire and manage premium branded hotel investments," said Venkateshwaran Raja, managing principal of Ayer Advisors. "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," said Mihir Wankawala of TWO.
About Ayer Capital Advisors, Inc.
Ayer was founded in 1998 by Venkateshwaran Raja. Ayer is an institutional real estate investment advisory firm providing services to major pension funds, private equity firms, financial institutions and high net worth investors. The company successfully executed opportunistic and value-add investment opportunities since the economic downturn in 2008.The company is currently focused on investments in premium select service hotel sector.
About The Wankawala Organization
Mihir Wankawala founded The Wankawala Organization in 2005 with acquisition of its first property in Carlisle, PA. TWO specializes in making value-add investments in the select service hospitality sector. TWO has extensive deal sourcing network in the $ 60 billion Asian Indian owned hospitality community.