Ayer Capital Advisors and The Wankawala Organization Acquire a 78-room Holiday Inn Express & Suites Hotel in a suburb south of Allentown, PA
PORT WASHINGTON, N.Y., March 7, 2014 /PRNewswire/ -- Ayer Capital Advisors ("Ayer Advisors"), an investment firm, and The Wankawala Organization ("TWO"), a hotel owner and management firm are pleased to announce the acquisition of a 78-room Holiday Inn Express & Suites Hotel, located in Quakertown, Pennsylvania. Ayer will work with The Wankawala Organization to manage the property. The current portfolio owned and managed by the group includes nine select service hotels with a total of over 1,000 rooms. Ayer and Wankawala plan to acquire over $150 million worth of premium brand select service hotels in the next eighteen months. "We are excited to expand the hospitality investment platform with TWO to source, acquire and manage premium branded hotel investments," said Venkateshwaran Raja, managing principal of Ayer Advisors. "The addition of this asset enhances our portfolio and long term strategy we have put in place. 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," said Mihir Wankawala of TWO.
Ayer was founded in 1998 by Venkateshwaran Raja. 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. The company is currently focused on investments in premium select service hotel sector.
Mihir Wankawala founded The Wankawala Organization in 2005 with acquisition of its first property in Carlisle, PA. TWO specializes in making value-add investments in the select service hospitality sector. TWO has extensive deal sourcing network in the $60 billion Asian Indian owned hospitality community.
SOURCE Ayer Capital Advisors