NEWELL, West Virginia—The sale price of the Holiday Inn Express Newell-Chester is now clear.
Beacon Hospitality purchased the 69-room Holiday Inn Express Newell-Chester for US$4,000,000 in December 2010, according to a news release and information on file with the Hancock County Assessor’s office. The hotel was sold by Mountaineer Lodging LLC.
The assessor’s office did not immediately report the deal price and it is the policy of the Hotel Investment Barometer to report only those deals for which the buyer, seller and price are known.
Quadrant Financial funded the acquisition using the USDA’s B&I loan program, according to a news release. Through Mumford Company, which represented Mountaineer in the transaction, Beacon and Mountaineer officials declined to comment on the sale. The sale represents a price per room of US$57,971 per room.
The property previously sold for US$220,000 in 2003, according to the Hancock County assessor’s office. For 2012, the property is assessed at US$1,124,520, a decrease of 2.1% from the 2011 assessed value of US$1,148,160.
The building is valued at US$992,520 for 2012, down 2.3% from US$1,016,160 in 2011. The assessed land value of US$132,000 has stayed constant since at least 2004.