Hotels for Sale

HOLIDAY INN EXPRESS WILKES BARRE EAST – LOAN SALE

Address:
Wilkes Barre, Pennsylvania
Description:
  • $5.7MM non-performing loan (NPL) collateralized by the fee-simple interest in the 117-room Holiday Inn Express Wilkes-Barre East
  • The note was originated in April 2019 with a ten-year term, 30-year amortization, and an interest rate of 5.15% where the principal balance is $5.6MM as of January 1st, 2021
  • Payment default on the loan occurred in May 2020 with the borrower citing COVID-related disruption to the hotel operations. Reserve funds have subsequently been applied towards several of the scheduled payments. The loan was formally accelerated in October 2020.
  • Property is located less than two miles from the 320-bed Geisinger Wyoming Valley Medical Center where they recently announced an $80MM, 93,000-square-foot expansion to its existing facility
  • Property is ideally located in the Wyoming Valley (Wilkes - Barre, PA) with easy access to Interstate-81 with over 24,000 vehicles passing the location daily
  • The Hotel is positioned near several corporate and leisure demand generators including the Wilkes -Barre VA Medical Center, US Social Security Administration, Wyoming Valley Mall, Mohegan Sun Pocono Casino, and the 10,000-seat Mohegan Sun Arena
  • Optimal time to be investing in the Wyoming Valley area; home to several transportation and logistics distribution centers for companies such as Amazon, TJ Maxx, Chewy, and CVS

Listing Agents 

Omari Head
T | 410.406.7259
Email

Sean Banilivy
T | 516.456.7525
Email

Bennett Webster
T | 312.239.0560
Email

Categories List:      

Send message to listing owner