Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Arden Group Acquires DoubleTree Suites Philadelphia WestArden will be investing an additional $6 million in the hotel to renovate the guest rooms, public space and the introduction of a new exciting restaurant option to be completed in fall of 2014.
Arden will be investing an additional $6 million in the hotel to renovate the guest rooms, public space and the introduction of a new exciting restaurant option to be completed in fall of 2014. The property was acquired from the lender, an affiliate of the LNR. Located approximately 15 miles from downtown Philadelphia, the property is situated in the premier suburban office submarket with over 1.75 million square feet of Class A space. The hotel is located on a 7.9 acre site just west of the highly visible I-476 and North of Plymouth meeting mall within the Plymouth Meeting Executive Campus. Other demand generators include the nation’ Commenting on the investment, Craig A. Spencer, CEO of Arden Group said, we are pleased to have acquired this all-suite full-service hotel at a time when the market has clearly rebounded and is poised for continued growth. We are able to provide a solid financial platform for the property, as well as the necessary funding for renovations that will position the property as the highest quality hotel in the Plymouth Meeting market. This acquisition is consistent with our strategy of investing in opportunities for value creation making this our fourth hotel purchase in the past nine months. The planned renovation and Arden’ “The combination of limited new hotel supply planned for this submarket and hotel performance approaching 2007 peak RevPAR in 2013 makes it a great time to invest in the West Philadelphia suburbs,” Hostmark Hospitality Group (http://www.hostmark.com/ About Arden Group Arden Group acquires, develops and manages full-service hotels and office properties in major U.S. markets where demand is proven but assets remain undervalued. Arden Group acquired its interest through Arden Real Estate Partners I, L.P., a discretionary real estate fund launched in April 2012. This is the Fund’s fourth hotel acquisition in the past 9 months. Since its founding in 1989, Arden Group has purchased or developed more than $2 billion of real estate. Arden Group's property and asset management division has managed more than $5 billion of assets. www.ardengroup.com About Hostmark Hospitality Group Hostmark Hospitality Group is a leading hospitality management firm with consistent leadership spanning more than four decades, operating upscale full service hotels, independent boutique hotels, luxury resorts, select service hotels, attractions and concept restaurants worldwide. Headquartered in Schaumburg, IL, with offices in Miami, FL; Denver, CO; and Cairo, Egypt, Hostmark Hospitality Group is an award-winning operator of Marriott, Hilton, Intercontinental Hotels Group, Starwood and Wyndham Hotels. Hostmark Hospitality Group has a proven longstanding reputation for delivering superior results through forward focused ingenuity and exceptional asset management. www.hostmark.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|