Lancaster hotel up for sale

April 27, 2012 Updated Apr 27, 2012 at 6:46 AM EDT

By WKBW News
By Business First by James Fink

...
April 27, 2012 Updated Apr 27, 2012 at 6:46 AM EDT

The "for sale" sign has gone up on a Lancaster hotel.

Singh Lodging Inc., which built and developed an 87-room Microtel Inn & Suites hotel along Freeman Drive, has put the property on the real estate market.

Singh is asking $2.99 million for the hotel.

Sources said a few potential buyers have looked at the hotel.

The Microtel was built a decade ago and sits along a busy stretch of Transit Road that picks up a lot of local traffic as well as traffic from the New York State Thruway.

The hotel has an average daily room rate of $60 and runs at approximately a 40 percent annual room occupancy rate.

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