The Central Downtown Inn & Suites in Pittsfield has sold for 2.7 million
By Maryjane Williams, The Berkshire Eagle March 9, 2025
PITTSFIELD — An extended-stay hotel in downtown Pittsfield has sold for $2.7 million.
The 26-suite Central Downtown Inn & Suites was sold by Rivera Properties LLC — a subsidiary of Mill Town Capital — to Ranjit Singh on Feb. 28, according to Mitch Muroff of Muroff Hospitality Group, which represented Rivera Properties in the sale.
The new owners are keeping the existing staff, including the front desk, housekeeping and part-time maintenance, Muroff said.
The hotel sits on an 1.85 acre property at 20 West Housatonic St., which includes a large parcel of unused land next to the building.
The property, built in 1986, was last sold to Rivera Properties in May 2021 for $2.2 million.
Although there are no immediate expansion plans, Muroff provided proposed designs by Hill Engineering that the new owners may consider in the future.
For now, the guest rooms will see some improvements, such as softer bedding, updated beds and more.
“The hotel is in very good condition. The fact that it’s in Pittsfield and so close to Lenox and Tanglewood and other desirable vacation spots makes it a really great property,” said Muroff, adding that the new owners will continue to use it as an extended-stay hotel.
Guests usually stay three to five nights on average at extended stay hotels, compared to the average one to two night stay at transient hotels, making extended stay hotels much more profitable, Muroff said.
“The prior owners have had success with long-term contracts for people that are working in the area, so oftentimes, the units could be rented for several months at a time,” Muroff said.
Each condo-like suite includes a living room, kitchen, a separate bedroom, a full bathroom and a deck. Each of the units are zoned separately for utilities, Muroff said, so they could be used for individual apartments if the owner wanted to convert the hotel into a residential property.
The hotel is located in a federal Opportunity Zone, which offers tax advantages to the owner to “spur investment in undercapitalized communities,” according to the Tax Policy Center. If the owner reinvests profits from a previous asset sale — also known as capital gains — into a Qualified Opportunity Fund, they can delay paying taxes on those gains until 2026. If the owner keeps the new investment for at least 10 years, they will not have to pay taxes on any profits when they sell.
The sale moved quickly, with the hotel receiving multiple inquiries and offers within three to four weeks of being listed in early October, Muroff said.
Singh, the new owner, could not be reached for comment.