A hotel on Rochester's South Broadway sold for $4 million last week.
The 62-room Econo Lodge Hotel at 1850 S. Broadway was purchased by a Rochester firm, Empery Green Mountain LLC, on March 15. The "down payment" was listed as $4 million in cash.
Following only the $33.9 million sale of the IBM campus, this is the largest Rochester real estate deal this year so far.
BA & J Enterprises, owned by Mike Jacobson, sold the hotel. Jacobson originally purchased the property for $1.7 million in 2008.
Olmsted County estimated the market value of the 32-year-old hotel at $2.06 million for 2016-2017.
ADVERTISEMENT
While no details about the owner or owners of Empery Green Mountain were listed, its headquarters is located at 3118 Salem Point Drive SW in Rochester.
That address belongs to Dong Guo. Guo purchased the 11,087-square-foot, four-bedroom house from Art Birdseye for $1.98 million in cash in July 2017.
The Econo Lodge hotel has been a successful property in the Med City for many years. Choice Hotels International Inc. has presented it with several awards for its "lodging excellence" and performance within the Econo Lodge brand.
In 2013, the Rochester hotel underwent significant renovation, including the addition of an elevator, a fitness room and business center.
