The recent $27.1 million sale of the Home2 Suites by Hilton in Manheim Township shows that travelers’ growing preference for apartment-style suites is increasing the value of extended stay properties, according to one expert.
This month, New Jersey-based Enburg Group USA purchased the 123-room hotel at 1584 Fruitville Pike from California-based Gemini Hotel Group.
Located across from the Shoppes at Belmont, the hotel last sold in 2022 for $16.5 million. The higher sale price reflects how room rates for extended stay hotels have gone up since then, increasing revenue and operating income, according to Blaze Cambruzzi, managing partner at TRUE Commercial Real Estat eand an adjunct professor of real estate and finance at Millersville University…