SEDA-COG provided Canon Hospitality, LLC, operators of the Holiday Inn Express in New Columbia, PA, with a $1,155,000 SBA 504 loan to purchase the hotel and make renovations to the property.

Canon Hospitality started in 2010 as an affiliate of Priya Realty Corp., formed in 1995.

The company was started by Jagdish Patel, a seasoned hotelier with close to 20 years of hotel operations experience, and now is led by his son Canon Patel. Jagdish has been involved in about a half dozen hotel projects with various levels of involvement from management to acquisition and repositioning. Jagdish’s intuition has been second to none and is supported by an extensive network of business associates who have guided him to achieving his goals. Canon joined the ‘family business’ of hotel operation in early 2006 while earning his Bachelor’s Degree in Finance and Economics from the University of Delaware. Canon’s focus with the company is mainly with operation, valuation, and opportunity evaluations. Recently Canon has led the turnaround of the Holiday Inn Express in Lewisburg, PA. Canon Hospitality’s long term goals are to build a portfolio of strong core hotel assets.

According to Canon, “Overall, working with SEDA-COG has been a true pleasure. Every step of the way a consultant was available to answer our questions and take an interest in our individual deal. We experienced that SEDA-COG’s thorough underwriting procedure helped with the approval process and ensured the SBA had everything they would need to review our transaction. Personally, I would like to thank Mr. John Reichard, Director of Finance Programs, for his extensive knowledge of SBA products and the application of those products to our business model.”

For more information on the Holiday Inn Express in New Columbia, including photos of the hotel, visit their website or give them a call at (570) 568-1100.