HREC Investment Advisors is pleased to announce, it has arranged the sale of the 152-guestroom Holiday Inn Wilkes Barre East Mountain located in Wilkes Barre, Pennsylvania. The property was acquired by Regal Hospitality, a rapidly growing Columbus, OH based firm now with assets in 8 states with 1954 rooms.

HREC Investment Advisors represented the Seller, Plains Hotel Associates, a Pennsylvania Limited Partnership. The sale was negotiated by Mark Rousseau, Senior Vice President, in the Atlanta office and Mark von Dwingelo, Senior Vice President, in the Connecticut office.

“The Holiday Inn Wilkes Barre’s closing completed the second leg of a coordinated off-market transaction between the same parties encompassing this property and the Holiday Inn Newark International Airport. HREC discretely sourced the qualified buyer, Regal Hospitality, for whom these assets represented an accretive addition and strategic fit to its portfolio,” stated Rousseau.

Wilkes Barre is in northeastern Pennsylvania. Its economy is broad and diverse, benefiting from a strong base of healthcare facilities, colleges/universities, corporate and industrial business parks, and leisure attractions. Notably included in the region’s extensive healthcare facilities is the Geisinger Wyoming Valley Medical Center, a highly rated hospital and the fourth largest employer in Luzerne County. Additional healthcare facilities located in Wilkes Barre include Allied Services John Heinz, VA Medical Center, Northeast Regional Cancer Institute, and the Wilkes-Barre General Hospital. Major corporations in the area include Amazon with a 400,000 square foot distribution center.

About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting including market studies, and litigation support. With 17 offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.