AN ASIAN AMERICAN hotel management and development group has acquired three Courtyard by Marriott hotels in upstate New York.
Rudra Management of Buffalo, New York, acquired the 264-room three-pack from DelMonte Hotel Group of Rochester, New York, represented by Hunter Hotel Advisors of Atlanta, which announced the sale on Jan. 18.
Jayesh Patel is president and CEO of Rudra Management, which also has subsidiaries Empire Hotels and Rosewood Hotels.
The three hotels Rudra Management/Empire Hotels acquired are the 108-room Courtyard by Marriott Buffalo Amherst/University in Buffalo; the 78-room Courtyard by Marriott Binghamton/Vestal in Vestal, New York; and the 78-room Courtyard by Marriott Newburgh Stewart Airport in Newburgh, New York.
Rudra Management plans to spend more than $5 million on capital improvements across all three hotels. The sale price was not disclosed.
Trey Scott, senior vice president with Hunter, said, “The acquisition represented a great opportunity for the buyer to expand their hospitality footprint in New York, while acquiring three Marriott hotels well below replacement costs.”
Empire Hotels’ portfolio has six other assets, three Hampton Inns and three Holiday Inn Express hotels in New York state and Pennsylvania.
Rosewood Hotels has a Holiday Inn Express in Woodbury, Minnesota, and a Holiday Inn with Green Mill Restaurant and Bar in Bloomington, Minnesota.
Rudra Management is also developing a Holiday Inn Express in Grand Island, New York, and a La Quinta Inn and Suites in Amherst, New York.