Hersha Closes Sale of Hyatt Place in Philadelphia Suburb

The 129-key hotel, located in a vibrant submarket, was purchased by a joint venture between DoveHill and Wurzak Hotel Group.
Hyatt Place in King of Prussia, P.A.

Hyatt Place in King of Prussia, P.A.

PhiladelphiaHersha Hospitality Trust announced the sale of Hyatt Place in King of Prussia for $13 million, or roughly $101,000 per key.

The 129-guestroom accommodation facility was sold unencumbered of debt and management to DoveHill and Wurzak Hotel Group. The latter assumed management of the hotel.

“We are excited to add the Hyatt Place King of Prussia to our growing portfolio. The significant and ongoing development in King of Prussia’s entertainment, retail and office sectors have created strong hotel demand. With our upcoming enhancements to the hotel we intend on capitalizing on this growth in an impactful way”, said Eric Davies, CEO of the Wurzak Hotel Group.

The building was constructed in 2010 and it will undergo property wide upgrades, including improvements to the lobby, bar and fitness center and guest rooms. Hyatt Place is located in King of Prussia, a dynamic Philadelphia submarket, the place many leading pharmaceutical companies in the world call home and a top city to live for young professionals.

“The high quality, well located Hyatt Place Hotel embodies the type of strategic investment that we seek in our target markets, and the hotel will benefit from our deep knowledge and reputation in Philadelphia. 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 and Managing Member, said in a statement.

The transaction was announced just days after Hersha Hospitality sold seven of its Manhattan hotels to a joint venture with China-based Cindat Capital Management.

Image courtesy of Hyatt Place