CRONHEIM ARRANGES $25.2M LOAN FOR THREE HOTELS IN PENNSYLVANIA

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WILKES-BARRE AND WILLIAMSPORT, PA. — Cronheim Mortgage has arranged $25.2 million in refinancing for a 315-room, three-hotel portfolio in Wilkes-Barre and Williamsport, two cities in northern Pennsylvania. The sponsor is an entity affiliated with Chartwell Hotels, a full-service hotel development and management company, which operates full- and limited- service properties in the Northeast. Approximately $18.8 million of the loan was used for two hotel properties — a Holiday Inn and Holiday Inn Express — in Williamsport. The five-story hotels include 102 and 96 rooms, respectively. The 117-room Holiday Inn Express, also five stories, in Wilkes-Barre received $6.4 million in financing.

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