There are plans for propertywide upgrades to a King of
Prussia hotel after a multimillion acquisition.
The Hyatt Place King of Prussia hotel has been acquired
for $13 million by a combined venture consisting of real estate investment firm
DoveHill and its Philadelphia and Fort Lauderdale, Fla.-based hospitality
partner Wurzak Hotel Group, the companies announced Thursday.
Wurzak assumed management of the 129-room hotel, adding
it to the hotel group's Philadelphia portfolio, which now consists of five
hotels in the region.
"The significant and ongoing development in King of
Prussia’s entertainment, retail and office sectors have created strong hotel
demand," Eric Davies, COO of the Wurzak Hotel Group," said in a
statement. "With our upcoming enhancements to the hotel we intend on
capitalizing on this growth in an impactful way."
The new ownership plans to implement $1.2 million-worth
of upgrades that include what it calls "significant" upgrades to the
hotel lobby, guest rooms, bar and fitness center.
The hotel upgrades will start with the lobby and a new
bar within three months.
"We will immediately put plans in place to improve
and upgrade the property and make it a top performer in our portfolio,"
Jake Wurzak, DoveHill’s founder, said in a statement. "We will reposition
the asset to leverage the strong demand in the vibrant King of Prussia
region."
Source: Philadelphia
Business Journal
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