SARASOTA, Florida—Charter One Hotels & Resorts has acquired a Holiday Inn Express property in Clermont, Florida.
Charter One, which owns and manages hotels, acquired the 69-room property out of foreclosure from an affiliate of Bayview Servicing for $3.48 million. A securitized loan on the property was taken back by the lender, leading to the foreclosure, according to John Balliett, CEO of Charter One.
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| Charter One Hotels & Resorts acquired a 69-room Holiday Inn Express in Clermont, Florida. |
Balliett said Charter One has 14 hotels in its portfolio, several of which are under flags from InterContinental Hotels Group. Approximately half of the company’s portfolio of properties is in Florida, with the rest spread across New York, North Carolina and Ohio.
Familiarity with the global hotel chain made Charter One comfortable in its purchase of the Holiday Inn Express.
“We’ve got a pretty good relationship with them,” Balliett said. “We love the product. It’s a good product.”
Charter One will be launching a property improvement plan to bring the property back up to brand standards, Balliett said. The scope of the renovations will include case goods and the lobby of the hotel.
Contact:
John Balliett, CEO
Charter One Hotels & Resorts
Phone: 941-364-9224
Email: jballiett@charteronehotels.com