WASHINGTON, DC -- Ayer Capital Advisors, a New York-basedfirm, and the Wankawala organization, a hotel owner and management company, announced today the acquisition of a 127-room Holiday Inn Express hotel near Andrews Air Force in Camp Springs, MD for $8.5 million ($66,000/key). Ayer and Wankawala acquired the hotel from Hersha Hospitality Trust, a publicly traded owner-operator of limited and full service hotels. M&T Bank provided acquisition financing to the purchasers. Ayer, which plans to launch a select service hospitality fund later this year, will provide strategic guidance and work with Wankawala to manage the property.
Venkateshwaran Raja, managing principal of Ayer Capital Advisors, said "We are excited to expand our hospitality investment platform with Wankawala to source, acquire and manage premium branded hotel investments in well-located markets. These properties are especially well-suited to meet demand from travelers looking for good value in the current economy and we do not see that changing for the foreseeable future,” he said
Founded by Mr. Raja in 1998, Ayer is an institutional real estate investment advisory firm providing services to major pension funds, private equity firms, financial institutions and high net worth investors. The company focuses on investments in the premium limited service hotel sector.
Mihir Wankawala founded The Wankawala Organization in 2005 with the acquisition of its first property in Carlisle, PA. Its current portfolio of owned and managed properties includes eight select service hotels with more than 800 rooms. The company employs an extensivesourcing network in the $60 billion Asian Indian owned hospitality community.