Credit: Google Maps
The Sheraton Bucks County hotel is under contract to be sold, according to RI Marketplace, the firm that had the property listed for auction in summer.
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ANZ Hospitality, based in Malvern, Chester County, is the buyer and has plans to invest several million dollars in the 186-room property’s renovation, according to the Philadelphia Business Journal.
While the final sale price remains undisclosed, bidding for the hotel began at $3.9 million.
Chirag Patel, founder and CEO of ANZ Hospitality, was reported to have said he anticipates the sale’s completion within the next two weeks.
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The hotel’s renovations, with an investment in the millions, are expected to extend beyond two years, the Philadelphia Business Journal reported.
In 2023, the 161,600-square-foot Sheraton Bucks County achieved record room revenue, marking a 14.5 percent uptick in revenue per available room compared to pre-pandemic figures, RI Marketplace noted.
The hotel, one of the tallest structures in Bucks County, underwent previous renovations in 2014 and 2015.
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The Sheraton agreement for the hotel ends on July 6, 2024, but a new owner could terminate the agreement before and rebrand the facility, according to the auction listing.
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