SCRANTON, PENNSYLVANIA The 175-key Hilton Scranton & Conference Center has been acquired by Linchris Hotel Corp. for US$13 million, or about US$74,000 per key.
Hanover, Massachusetts-based Linchris plans a US$3 million renovation of the property. Linchris will act as owner-operator of Hilton Scranton, which is the company’s 25th property.
“We are very excited and we expect to be good citizens,” Lincrhis CEO Chris Gistis tells The Scranton Times-Tribune. “Buying a hotel is an investment in not just a building, but a community.”
The purchase price represents a discount of 62% off the property’s initial construction cost of US$35 million. The property, which opened in 2003, had been on the market since last summer without an asking price.