Pocono Inn Sold – Buyer Plans Major Renovations
KW Commercial, The Daniel Perich Group facilitates sale
KW Commercial, The Daniel Perich Group is pleased to announce the sale of the Pocono Inn at 101 East Broad Street, Delaware Water Gap, PA. Daniel M. Perich, CCIM and Jacquelyn Leonard of KW Commercial, The Daniel Perich Group facilitated the transaction.
Owner, Mihir Patel, comments, “Fairmount Hospitality announced today that we have acquired the Pocono inn at Delaware Water Gap and we have big plans for this property. We will be bringing two Choice Hotel flags to this property as well as a full-service restaurant and a banquet hall. This should make us the prime attraction for this exit. We would like to thank KW Commercial for going above and beyond our expectations throughout the acquisition process.”
The Pocono Inn is a 104 room hotel located off Interstate 80. The 52,000 square foot building has a large restaurant, bar, and conference areas. It is the first lodging establishment over the bridge from the New Jersey state line.
Jacquelyn Leonard commented, “We are pleased to be aiding in the redevelopment of a blighted hotel which will now become a vibrant meeting place and hotel right at the border with New Jersey. The dynamics of this deal were very complex and we are thankful for a cooperative buyer and seller who ultimately made it happen. KW Commercial is also in the process of working the Aldi deal in Mount Pocono, which will bring additional economic growth to the Pocono Mountain region.”
KW Commercial, The Daniel Perich Group managing directors, Dan Perich and George Vlamis added, “Jackie worked extremely hard on this very complicated transaction. We believe it is an important redevelopment piece that will help enhance the image of the Poconos.”
PA State Representative Rosemary Brown stated, “I’m looking forward to this location receiving enhancements as it deserves to be a vibrant welcome into Pennsylvania and Delaware Water Gap (DWG) and Smithfield Township. As DWG focuses on economic development initiatives, this will help build and support the borough and other businesses. Tourism history in Pennsylvania began in DWG and these changes will encourage visitation and a great location for visitors to plant their feet.”
KW Commercial, The Daniel Perich Group is a northeast Pennsylvania commercial real estate company that represents clients and customers on their commercial and investment real estate needs. In addition, The Daniel Perich Group also offers consulting services, tenant procurement, property evaluations, and investment analysis. For more information, contact KW Commercial, The Daniel Perich Group at (570) 213-4900 or visit www.dpcomgroup.com.
