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West Palm Beach, FL, United States, 2007/05/01 - ResiTrust, Inc. announced today the acquisition of The Manchester Inn and Suites, a 78 room extended stay hotel.
Manchester, Tennessee is an exciting opportunity for ResiTrust as the city continues to grow and expand. Halfway between Nashville and Chattanooga, Manchester has already seen the benefits of its own expansion as well as the increased traffic between these two major cities. Manchester is also home to “Bonaroo” the nation’s largest music festival.
Located on a prime 2-acre parcel of land, the hotel consists of an office and reception lobby, a main 2 story building and an additional expansion to the South. Renovations are already underway to further benefit new visitors and returning guests. The restaurant will be reopened shortly after renovations have been completed.
“Manchester will be an excellent addition to our portfolio. Our expansion in the South East has been going very well, and we anticipate The Manchester Inn will exceed our expectations. We look forward to being a part of this wonder community,” said Acquisitions Director Seth Schwartz. The Manchester Inn was chosen for its convenient location downtown in the city’s main square. Convenient to the incoming highway, constructed central to key government buildings.
“The Manchester Inn is a sterling example of our basic acquisition strategy. It is a solid investment as is, but presents a tremendous value added opportunity. Renovations, aggressive management and economies of scale we bring to the Inn should provide significant appreciation in value,” says RESITrust CEO Dan Kiely.
ResiTrust Incorporated is a domestic U.S. real estate fund exclusively for non-U.S. investors. Specializing in commercial retail and multifamily housing, it currently owns and operates properties in Florida and North Carolina. Located in downtown West Palm Beach, Florida the company can be reached at (561) 832-3321
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