Ayer Capital Advisors and The Wankawala Organization (TWO) have acquired a Holiday Inn Express & Suites Hotel located in Quakertown, Pennsylvania, US.
Ayer and TWO will now manage the 78-room hotel.
With a total of around 1,000 rooms, the current portfolio owned and managed by the group includes nine select service hotels.
Ayer and TWO are planning to acquire around $150m worth of premium brand select service hotels in the next 18 months.
Ayer Advisors managing principal Venkateshwaran Raja said, "We are excited to expand the hospitality investment platform with TWO to source, acquire and manage premium branded hotel investments."
TWO founder Mihir Wankawala said the addition of this asset enhances the company’s long-term strategy and portfolio.
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"The company continues to execute on its long-term plan of establishing itself as one of the premier owner and manager of high-quality hotels in the mid Atlantic region," Wankawala added.
Ayer, is an institutional real estate investment advisory firm providing services to major pension funds, private equity firms, financial institutions and high net worth investors, is currently focused on investments in the premium select service hotel sector.
TWO, which has an extensive deal sourcing network in the $60bn Asian Indian owned hospitality community, specialises in making value-add investments in the select service hospitality sector.
Image: Holiday Inn Express & Suites Hotel in Quakertown, Pennsylvania. Photo courtesy of PRNewsFoto/Ayer Capital Advisors.