The Holiday Inn Express in Middletown has been purchased by a real estate investment trust (REIT), an advisor for the trust said Monday.
Hunter Hotel Advisors said its Phoenix office represented a New York REIT in the sale of the Holiday Inn Express Middletown, at 6575 Terhune Drive. The sale price was not disclosed.
The property will be repositioned as a Best Western.
“Built in 1995 the new owners will spend over $1 million to re-brand the hotel,” Hunter Hotel Advisors said in a statement.
Hunter Hotel Advisors is a hospitality investment firm for clients ranging from REITs and private equity firms to regional hotel owners.
Since January 2014, Hunter says it has sold more than $2 billion in single assets and portfolio transactions.