Recap PA Holdings has decided to put the Courtyard by Marriott Philadelphia Coatesville/Exton up for auction, writes Emma Dooling for the Philadelphia Business Journal.

The starting bid is $2.55 million. The online auction will be held from April 8 through April 10 on the real estate platform RI Marketplace.

The 12-year-old, 125-room hotel is located at 600 Manor Road in Coatesville. Its current owner decided to auction off the 9.49-acre property because the private equity investment firm is not a long-term operator of franchised hotel brands.

Recap PA Holdings purchased the hotel in late 2021 in a sheriff’s sale for $4.6 million plus taxes, after Courtyard by Marriott shuttered the previous year following the onset of the pandemic. The firm invested a further $1 million in renovations. The hotel reopened in April 2022.

“We believe that we have brought it to a point where we took a property that was completely shut down, we got it reopened, and it’s doing nice revenue growth every year,” said Recap PA Holdings partner Ramnik Chopra. “We believe it will do better with an operator who knows how to operate a franchise brand.”

Read more about the Courtyard by Marriott Philadelphia Coatesville/Exton in the Philadelphia Business Journal.