WHITESTONE CAPITAL RECENTLY partnered with PJD Capital to purchase the 152-room Holiday Inn East Mountain in Wilkes Barre, Pennsylvania, marking the first joint venture between the two real estate companies. Whitestone Capital, a division of Whitestone Companies, is led by CEO Jay Batra, while PJD Capital is headed by CEO Prakash Datwani.
The Holiday Inn East Mountain features 152 guestrooms and more than 6,000 square feet of event space, the companies said in a joint statement.
“We are excited about our new partnership with PJD Capital to reposition this property into a product the Wilkes Barre community has been craving,” said Batra. “We expect the transformation to happen in two phases, with the first phase starting later this year. The property will be converted to a very select class of DoubleTree Hotels. A DoubleTree in name, driven by the power of Hilton, but not a typical DoubleTree. This property will feel more like a soft brand with design centered around a community-focused, light resort feel.”
Phase one of the transformation will entail a renovation of all hotel areas and rebranding, while the second phase will involve constructing a three-season outdoor pavilion that can transform from an open outdoor space to an enclosed facility, adapting to weather conditions and guest preferences.
“We sat down with the Whitestone team and together brainstormed all the different ways we could maximize the potential of this beautiful mountainside property,” Datwani said. “Quickly, two driving thoughts emerged, repositioning the property into an upper upscale mini-resort style facility while also embracing the newest trends in design and event staging. You will be able to have your wedding in the woods while only steps away from a modern, full-service hotel.”
Meanwhile, Whitestone Capital also owns another hotel in Wilkes Barre, The Hilton Garden Wilkes Barre, currently undergoing renovations scheduled for completion in June.
In November, Whitestone Cos. acquired a TownePlace Suites by Marriott in Urbandale, Iowa, marking its sixth hotel purchase of 2023 in the midtier extended-stay market.
