If you’re familiar with the State College area, then you know Kish Bank and its 19 Central Pennsylvania locations. You may also know that Choice Hotels provide an affordable option for visitors to those rural communities, and losing them as Baby Boomer-owners retire would have a profound economic impact on the people who live and work there, as well as the visitors who support tourism.
Another affordable option is saving the day. Thanks to a trio of SBA 504 loans, three Choice Hotels will continue to thrive and be family owned under new ownership: The Comfort Suites on 140 Stroehman Drive in Altoona, Blair County; the Comfort Inn at 130 Patchway Road in Duncansville, Blair County; and the Comfort Inn at 100 South 4th Street in Huntingdon, Huntingdon County.
“This is a clear trend we’ve been seeing in the hospitality industry, as small- to mid-sized hotel owners retire and look to the next generation of existing hotel managers to take on an additional location – and keep up with a market that has become increasingly competitive,” said Seedcopa Managing Director Sherwood Robbins.
In this case, not only do the SBA 504 loans support a change of ownership, they also have a profound impact on job creation and retention, rural development and expansion of minority enterprises.
“It is particularly gratifying to see these hotels managed by a family,” said Robbins. “We have mother-and-son owners, with the father personally guaranteeing the loan due to the son’s young age at the time. We also have the siblings of that mother and father, who are also a married couple, owning the other two hotels and investing in the future of Central Pennsylvania.”
Congratulations to mother and son owners Trupti and Om Patel, along with husband/father Sachin Patel, as well as husband and wife Jignesh and Nimisha Patel. Fun fact: Om Patel is the youngest owner-operator of a Choice Hotel franchise.
Photos courtesy the Patel family
