A Conshohocken, Pa., Marriott hotel has changed hands for
$26.5 million.
The 137-room Residence Inn Philadelphia Conshohocken —
part of the Marriott brand — has been acquired by Philadelphia-based
hospitality company HHM from Brandywine Realty Trust, the two companies
announced Tuesday.
The Residence Inn Philadelphia Conshohocken was acquired
by HHM for $26.5 million.
The hotel in 2014 underwent a renovation that included
new bar and lounge, an indoor pool, fitness center and an outdoor sports court.
Brandywine (NYSE: BDN) owned 50 percent of the property
as part of a joint venture which originally developed the hotel in 2001,
according to the company.
The $26.5 million sale equals about $193,430 per room
key.
After debt repayment, transaction costs and holdbacks,
Brandywine's share of the net cash proceeds total to about $6.1 million, the
company said.
"We received $56.3 million of net proceeds and
expect to use the net proceeds to fund current development commitment, reduce
debt and general corporate purposes," according to Brandywine.
HHM, formerly Hersha Hospitality Management, operates
about 115 hotels throughout the United States, 30 of which are within the
Marriott brand family. It also operates 28 independent hotels, including The
Rittenhouse Hotel.
Source: Philadelphia
Business Journal
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