Orlando-based Xenia Hotels and Resorts purchased the luxury
hotel
Florida hotel firm Xenia Hotels & Resorts announced
Tuesday that it has purchased the 230-room Hotel Palomar in Center City.
The luxury hotel, located in a 1929 Art Deco-style
building near Rittenhouse Square, will continue to be managed by Kimpton Hotels
& Restaurants.
Xenia acquired Palomar and two other Kimpton-managed
hotels in Portland, Oregon, and Santa Barbara, California, for a combined $245
million.
The Florida-based company said it was interested in the
Palomar based on strong demand in the city. In June, Philadelphia hotels
reached record-high occupancy rates and prices.
“Lodging demand in Philadelphia is strong and diverse,
being driven by corporate, leisure and convention business, backed by the recently
completed $800 million expansion of the Pennsylvania Convention Center and
substantial office space development in close proximity to the hotel,” the
company said in a press release.
Source: PhillyVoice
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