A 135-key Homewood Suites by Hilton in Connecticut has been sold to Jamsan Hotel Management, Inc., according to Hunter Hotel Advisors.
The transaction of the Stratford hotel was brokered by Hunter’s Spencer Davidson, senior vice president, in Hunter’s New York office, according to the firm.
“Built in 2002, the Homewood Suites by Hilton Stratford is an institutional-quality, extended-stay property offering 135 spacious suites with fully equipped kitchens, complimentary breakfast and modern amenities including an indoor pool, 24-hour fitness center, business center and meeting space,” according to the firm.
“This will be a fantastic opportunity for us to improve the product and provide an updated extended stay hotel experience to our guests, and we are looking forward to it,” said Ashok Patel, Jamsan Hotel Management, in a statement.
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“We continue to believe in the submarket as a robust and strong performer. We are thankful of the Hunter team, specifically Spencer Davidson, who was instrumental in helping to get this to the finish line.”
Information on the price paid for the site was not provided. Tax records for the town of Stratford lists the value of the property at $12.3 million.
Hunter Hotel Advisors, which is an investment advisory firm “focused exclusively on the hotel industry,” termed the hotel that was sold “Ideally located,” noting it is directly across from Sikorsky Aircraft Corp.’s headquarters, which is a “a 2.5-million-square-foot campus employing more than 6,100 people.” Also, it notes, other nearby “demand generators” include Sacred Heart University, Yale University and leading employers such as BIC Corporation, Bridgeport Hospital and St. Vincent’s Medical Center.
“This transaction reflects the continued strength of the extended-stay segment and the strategic interest we’re seeing from experienced regional operators like Jamsan,” Davidson said. “Stratford’s economic diversity and proximity to major corporate and institutional demand drivers make it a compelling market for long-term hotel investment.”
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Stratford is part of the Greater Bridgeport metropolitan area, and is an economically diverse and growing region, the firm notes. “The area benefits from its robust aerospace, healthcare and education sectors, and continues to attract corporate investment and development, including major mixed-use projects such as Steelpointe Harbor.”
