From all reports the Summer Season looks very good for the hotel business as the Memorial Day Weekend was an excellent start. Many hotel owners have told me that advanced deposits are up as much as 25% over last year at this time, obviously this bodes well for the summer business outlook. Another encouraging sign has been the number of hotels that have revenues ahead year to date, specifically so in those that are also ahead in winter resort areas where the weather was such a negative factor. Prospective buyers of hotels are still looking for the right opportunities and the gap between sellers value and the buyers value is narrowing. We have been very busy so far this year in working with a number of different opportunities that include quality properties for sale, mid market franchised hotels and problem properties where the lender has been involved. We are also beginning to look at some very attrractive full service proeprties which will likely becoming to market soon.
We are also pleased to announce the sale of the Holiday Inn Express in Keene NH. The 80 room property was sold to OS&S Keene,LLC after a recent $1,000,000 renovation. The property was owned by Keene Inn Inc and has been managed for 14 years by Chis Gistis’s team at Linchris Hotels. (www.linchrishotels.com). The property will now be managed by Colwen Hotels which now manages a portfolio of approximately 20 hotels under a variety of brands, this will be their third hotel in the Keene market.
This sale follows closely behind the transfer of the Eagle Mountain House in Jackson NH, a historic 96 room hotel with golf course. Extensive renovations are planned.
Best wishes for a very successful summer season.