HREC Investment Advisors arranged the sale of the 104-room Comfort Inn located in Binghamton, N.Y. The buyer, Shree Hari Holdings, is based in New York.
Ted Anka (VP – Miami), Ketan Patel (SVP – Washington D.C.) and Geoff Davis (president & senior principal – New York) exclusively represented Binghamton Hotel Partners during the transaction.
“The buyers from the Long Island area saw the growth potential in this hotel and the Binghamton market overall. As such, their plans will include new hands-on, marketing initiatives at the local level and will implement significant upgrades to the property and will renovate the hotel to Comfort’s latest standards thus allowing them the ability to be more competitive,” stated Anka.
The hotel is located near SUNY Broome Community College, Binghamton University, downtown Binghamton and the Binghamton Zoo at Ross Park, which opened in 1875 and is the fifth oldest zoological institution in the country. The hotel is also located less than four miles from the NYSEG Stadium, which is home to the AA Eastern League’s Binghamton Mets and the Floyd L Maines Veterans Memorial Arena, home to the AHL’s Binghamton Senators.