Riverbrook Equities And Coastal UP Partners Acquire Holiday Inn In Williamsburg For $10.6M

A 118-key Holiday Inn located at 720 Lightfoot Rd in Williamsburg, VA has been sold for $10,600,000. The property, with a total area of 60,000 square feet, was sold by the Joshi Group to the buyer, Riverbrook Equities represented by Steven Mendel and Coastal UP Partners represented by Pavan M. Uttam and David Newman. The sale price translates to a per unit price of $89,830 and a price per square foot of $176. The hotel boasts a 10% capitalization rate.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $10,600,000
• Address: 720 Lightfoot Rd, Williamsburg, VA
• Units: 118
• Price per Unit (PPU): $89,830
• Square Footage: 60,000
• Price per Square Foot (PPSF): $176
• Capitalization Rate (CAP): 10%

The buyer, Riverbrook Equities, is represented by Steven Mendel, while Coastal UP Partners is represented by Pavan M. Uttam and David Newman. With this acquisition, Riverbrook Equities and Coastal UP Partners expand their portfolio with a hotel in Colonial Williamsburg, VA.

NOTE: Riverbrook Equities NY Abe & Steven Mendel and Coastal UP Partners NY Pavan M. Uttam & David Newman purchase the 118 key Holiday Inn in Colonial Williamsburg, VA.