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| DoubleTree Suites by Hilton Philadelphia West, 650 Fountain Road, Plymouth Meeting, PA |
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| Rich Lillis |
MIAMI, FL, Aug. 20, 2013 - Colliers International is pleased
to announce the sale of the lender-owned 253-room DoubleTree Suites by
Hilton Philadelphia West to Arden Group for $31.1 million or approximately
$123,000 per room. The transaction reflected a capitalization (CAP rate) rate
of 8% prior to transaction and renovation costs.
The 7.9 acre property at 640 Fountain Road, Plymouth
Meeting, PA, 19462, is just west of I-476 and within the Plymouth Meeting
Executive Campus. Four of the country's top 14 employers are located minutes
from the hotel, which includes 8,000 square feet of banquet and meeting space.
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| Kent Schwarz |
Representing the
seller, an affiliate of LNR Partners, were brokers Rich Lillis,
Executive Vice President, Colliers International Hotels, Kent Schwarz,
Executive Vice President, Colliers International Hotels, both based in the
South Florida offices; and Carl Neilson, Senior Vice President, Colliers
International Philadelphia. The team coordinated the online auction transaction
through Auction.com.
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| Carl Neilson |
"The hotel
property and our sales process brought considerable interest from wide variety
of prospective buyers including publicly traded REITs, institutional hotel
investors, Philadelphia-area investors, and regional and national hotel
companies. The bidding was quite spirited," said Rich Lillis of Colliers.
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| Craig A. Spencer |
Philadelphia-based
Arden Real Estate Partners I, LP, acquired the hotel. Commenting on the
investment, Craig A. Spencer, CEO of Arden Group, noted that "this is our
fourth hotel purchase in the past nine months, and is consistent with our
strategy of investing in opportunities for value creation."
Arden plans to
invest an additional $6 million in renovations and other changes required by
the Hilton franchise.
For a complete
copy of the company’s news release, please contact:
Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Email: crystal.proenza@colliers.com
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