Ragineeben “Ragi” Patel along with her husband Mahendra “Mike” Patel recently purchased the Landmark Inn in downtown Laconia, N.H. “Sometimes when you know, you just know,” said Ragi, “we are very excited to own this property.”
Both are no strangers to the hospitality industry, owning and operating three other hotels for more than a decade including two in Vermont and one not far from the Landmark Inn - the EconoLodge Inn & Suites in Tilton, N.H.
“We would drive to Laconia for dinner and pass by the Landmark,” said Ragi. “We just knew we wanted to own this hotel.”
“The 104 room hotel was enticing to me not only because of its proximity to the EconoLodge Inn & Suites but because of its potential,” said Mike Patel, Landmark Inn owner. “We are enhancing the property for our guests with room renovations and other amenities.”
CRDC’s Jennifer Boulanger along with Joe Conway, VP. Sr. Commercial Lending Officer at Sugar River Bank structured an SBA 504 Loan for the Patels. “There were a few challenges along the way,” said Jenifer Boulanger, CRDC Loan Officer. “Joe and I worked through them and provided the Patels and the sellers with financing that worked for everyone.”
“I’ve worked with the Patels and their other hotel investments for more than 10 years,” said Joe Conway, VP Sr. Commercial Lender, Sugar River Bank. “CRDC’s expertise with the SBA 504 Loan Program made all the difference in getting this deal done.”
Photo Caption: (L-R) CRDC's Jennifer Boulanger with Ragi and Mike Patel, and Joe Conway of Sugar River Bank.