East Hartford hotel sells for $15M
CoStar
The hotel building at 351 Pitkin St., East Hartford.
A 121-room hotel in East Hartford has sold for $15 million to two companies tied to a South Dakota-based hotel operator.
In a deed recorded March 7, Merchant Founders Lodging LLC sold the 71,925-square-foot, five-story building on nearly 3.4 acres at 351 Pitkin St., to two companies tied to South Dakota-based SBM Hospitality, which operates 10 hotels nationwide, according to its website.
The stucco and masonry-sided East Hartford hotel was completed in 2009, according to assessing records. The property hosts a Hampton Inn & Suites.
The seller was a limited liability company tied to First Merchants Group, a real estate company that was once heavily invested in East Hartford.
The buyers were East Hartford Lodging Partners LLC, with a 79% stake, and SITA Inc., owning 21%. The two companies are based in Sioux Falls, South Dakota.
According to a mortgage securing a $16.4 million loan for the East Hartford property, Shailesh Patel is manager of East Hartford Lodging Partners and president of SITA.
Patel is also president and CEO of SBM Hospitality. On its website, SBM said it operates 10 hotels under various Hilton and Marriott brands. This includes five hotels in South Dakota, one in Minnesota, one in Iowa and three in Connecticut — in New Haven, Milford and Uncasville. SBM’s website says it will soon operate a fourth Connecticut hotel, with one “coming soon” in North Haven.
Attempts to reach an SBM representative were not immediately successful Monday morning.
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