Two struggling Ithaca-area hotels just sold for far less than expected, according to The Ithaca Voice. A regional hotel group scooped them up for $4.1 million after years of financial trouble tied to the pandemic.
The deal includes the Country Inn & Suites on Danby Road and the Econo Lodge in Lansing. Both entered Chapter 11 in 2022, with earlier estimates valuing them as high as $10 million.
The buyer, Ithaca Lodging Associates LLC, ties back to Visions Hotel, led by Arun “Andy” Patel and Hemant Patel. The firm now gains its first hotels in Tompkins County, though renovation plans remain unclear.
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