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Cedar Rapids, Iowa 52401
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The owners of the Comfort Suites hotel sold the Coralville hotel they've owned since it was built in 2005 to the owner of a handful of other hotels in the area.
'It is definitely a bittersweet day,” Lincoln and Lisa McIlravy said in a news release announcing the sale, which closed Wednesday. '... With supply in the market increasing rapidly, it was time to make some adjustments to ensure we continue to thrive and run a successful portfolio.
'The timing was right.”
Terms of the sale were undisclosed.
The hotel - the McIlravys' first - was sold to Peter Patel, who owns the Mainstay Suites, Country Inn and Suites and Super 7, among other venues, according to Matt Traetow, operations director for Serve 20:28, a management company owned by the McIlravys.
'A number of associates continued to stay on with our company, working at our Homewood Suites, Home2 Suites by Hilton or within our management office - Serve 20:28 - but all other employees stayed on at the hotel and joined Mr. Patel's ownership group,” Traetow wrote in an email.
Comfort Suites employs 25 to 35 at this time of year, he said.