- AON acquired the Holiday Inn Express & Suites in South Portland, Maine.
- The 1998-built property is the company’s 15th hotel.
- Cherko Fusco Realty represented the seller, Beddy Bye LLC.
AFFILIATES OF AON Hospitality Group acquired the 130-key Holiday Inn Express & Suites in South Portland, Maine, from Beddy Bye LLC. The 1998-built property is the company’s 15th hotel, fourth Holiday Inn Express and third in New England.
The hotel spans 4.48 acres near Portland International Jetport, Maine Mall and downtown Portland, AON said in a statement. Amenities include an indoor pool, hot tub, business center and 720 square feet of meeting space.
The seller was represented by Cherko Fusco Realty in an off-market transaction. The New York–based firm is led by Principal Bryce Cherko. The New Jersey–based AON is led by CEO Harry Patel and President Gary Patel.
“Closing hotel transactions has become increasingly challenging over the past few years as lenders have remained cautious toward the sector,” said Bryce Cherko, Cherko Fusco Realty’s principal. “Despite broader market headwinds, Portland continues to stand out as one of the most attractive hospitality markets in New England.”
Cherko said that despite slower activity over the past year, Portland market fundamentals remain strong and attract ownership groups.
Separately, Gencom acquired the 253-key Ritz-Carlton New York at Central Park South in Midtown Manhattan from Westbrook Partners. It is the firm’s third New York City acquisition in 16 months, following the Thompson Central Park in 2024 and the InterContinental New York Times Square in December.
