Carey Watermark Investors Inc. has purchased a majority
interest in the Ritz-Carlton and plans a $21.3 million renovation on the entire
299-room property on South Broad Street in Philadelphia.
Terms of the agreement weren’t disclosed, although the
acquisition was done in a joint venture with Philadelphia Hospitality Partners,
which is an entity involving Craig Spencer, a Philadelphia real estate investor
who runs Arden Group.
Spencer converted the historic property, which was
originally constructed beginning in 1904 for the Girard Trust Co. with an
attached 30-story tower that was built in 1931. In 2000, Spencer converted it
into a Ritz Carlton.
The new owner will launch a renovation in the third
quarter.
It will involve upgrading the rooms, lobby, meeting
space, 6,100-square-foot ballroom, corridors, club lounge and other areas. The
property has 26,000-square-feet of meeting space. The renovations are expected
to be contemporary in design and completed in 2016.
Carey Watermark is a New York-based real estate
investment trust that was established to buy hotels and other lodging
properties and owns properties across the United States. It is an affiliate of
W.P. Carey.
Source: Philadelphia
Business Journal
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