SEDA-COG assisted Happy Holiday, LLC with a $2,550,000 SBA 504 loan and a $250,000 SEDA-COG TEAM loan for the construction of their 4-story, 83-room Holiday Inn Express & Suites hotel located at 30 Happy Valley Drive, Reedsville, Mifflin County, PA. The hotel is situated just off Route 322 between State College and Lewistown. Ajit Smith and Mehul Patel realized the benefits that SEDA-COG had to offer and partnered with Kish Bank for the total project.

The SBA 504 loan program offered the borrower a 20-year, low interest, fixed rate and the SEDA-COG TEAM loan was available for the partial equity injection into the project, also with a great low fixed interest rate. The equity injection came from the land that was purchased in 2015 for the hotel construction.
John Reichard, SEDA-COG senior relationship manager, with the assistance of Seth Napikoski, Assistant Vice President and Commercial Relationship Manager of Kish Bank, Belleville, PA, worked with Mr. Smith and Mr. Patel to bring this financing package to fruition for the total project.

The hotel features a heated indoor pool, fitness room, and 2 meeting spaces. Breakfast is complimentary and includes hot Cinnabon buns, variety of eggs, hot waffles & pancakes, and hot meats. The Holiday Inn Express flag is considered an upper-mid scale hotel in terms of amenities and price point.

The hotel expects to create 27 full-time equivalent jobs as a result of the project.

Dip Smith, Ajit’s son, who worked closely with SEDA-COG on the financing says, “Working with SEDA COG was a great experience. Locking in a 20-year fixed rate was the best part. The SEDA COG team was very helpful with collecting documents and preparing for settlement quickly.”

According to Seth Napikoski, “Kish Bank was proud to partner in the Holiday Inn Express & Suites construction project with SEDA-COG and we hope to continue to work together on locally stimulating projects in the future.”