An 80-room hotel in Waterford has sold for $8.74 million, according to property records.
An 80-room hotel in Waterford has sold for $8.74 million, according to property records.
The SpringHill Suites by Marriott Mystic Waterford, located at 401 North Frontage Road, sold for about $109,250 per room.
The buyer was HITALK Hotels Waterford LLC, which is controlled by Hitesh, Alka and Shiv Patel, all of Mahwah, New Jersey, state records show.
The seller was VIII-HII-North Frontage Rd LLC, which purchased the property for $5.5 million in 2012, records show.
The buyers financed the purchase with an $8.36 million loan from Dime Bank.
The hotel, which sits on 4.62 acres, was built in 1998 and renovated in 2005. Amenities include a business center, fitness center and swimming pool.
