The transaction was completed on an off-market basis, with Cherko Fusco Realty representing the seller, Beddy Bye LLC. The property is AON Hospitality’s 15th hotel overall, fourth Holiday Inn Express and third hotel in New England.
“Closing hotel transactions has become increasingly challenging over the past few years as lenders have remained cautious toward the sector,” said Bryce Cherko, principal, Cherko Fusco Realty. “Despite broader market headwinds, Portland continues to stand out as one of the most attractive hospitality markets in New England. Even with a slower pace of activity over the past year, fundamentals in the Portland market remain strong and continue to attract high-quality ownership groups.”
Built in 1998, the property is situated on 4.48 acres and offers immediate access to I-95, the Maine Mall and downtown Portland. Amenities include an indoor pool, hot tub, business center, and 720 sq. ft. of meeting space.
“Cherko Fusco Realty is proud to have facilitated this transaction,” added Cherko. “We thank Schott Management for entrusting us with the assignment and AON Hospitality for their professionalism and efficiency throughout the process, which resulted in a smooth and timely closing.”
Tags: Bryce Cherko, Cherko Fusco Realty Holiday Inn Express & Suites South Portland, AON Hospitality