The Ramada Inn in Lewiston has been sold to an investment group that manages more than 20 similar properties through the Northeast.
Former owners Adamar Associates and developer George Gendron sold the 117-room hotel and conference center to Atithi LLC, an investment group based in Massachusetts and New Jersey. The sale price was in excess of $4 million, according to Roger Daigle of Daigle Commercial Group, who represented the sellers.
“This is good news for the Lewiston-Auburn community as the new owners intend to invest in significant upgrades,” said Daigle. Among the improvements are updates to the rooms and common areas, and some enhancements to the fire-prevention and sprinkler systems.
In addition to guest rooms, the Ramada also has conference and banquet facilities to host gatherings of 500 people. It has been the traditional location of the Lewiston-Auburn Chamber of Commerce annual meetings.
Atithi LLC is owned by Ashutosh Nayak, an investor with a portfolio of 20 to 25 hotels, including several in the Choice hotel brand and others in the Wyndham family to which Ramada Inn belongs.
The transaction closed May 26.
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