Oaktree Capital and Clearview Hotel Capital are acquiring
the 1,408-room Philadelphia Marriott Downtown from Host Hotels & Resorts
for a price reportedly between US$300-$310 million, according to the Real
Estate Report, which would make it the priciest hotel deal in the city's
history.
In 2011, Host finished a US$54 million renovation, which
coincided with a US$786 million expansion of the adjoining Pennsylvania
Convention Center, which increased its space by 60% to 1 million square feet.
Within the last 18 months, Host completed four transactions
totaling US$445 million, including the US$293 million trade of the 1,663-room
Marriott Marquis in Atlanta to Abu Dhabi Investment Authority.
Oaktree, a Los Angeles fund operator, and Clearview, a
Newport Beach, California, investment firm, last teamed up in 2011 to acquire
the 387-room Renaissance Concourse Atlanta Airport Hotel, according to Real
Estate Report.
Source: HotelsMag.com
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