Interstate Lands Management of Philly Hotel
- Jan 09, 2018
Interstate Hotels & Resorts has been selected to manage Renaissance Philadelphia Airport Hotel, which was recently acquired by AMENA Hotels, a subsidiary of AVANA Capital. The firm acquired the property from previous owner Columbia Sussex at the end of November 2017, according to Delaware County records. The new owner plans to start comprehensive renovation work soon.
The 12-story hotel encompasses 349 guestrooms, including 52 suites. Roughly 20,000 square feet of meeting and event space is located in the building, split into 19 meeting rooms and a 6,600-square-foot ballroom. Guest amenities include a complimentary airport shuttle, a fitness center, a swimming pool, complimentary Wi-Fi and free on-site parking.
Located at 500 Stevens Drive, the building sits within 1.5 miles of Philadelphia International Airport’s departures terminal. Downtown is 10 miles away via Interstate 95 or the airport line of Philadelphia’s commuter rail service. The property is situated near two smaller hotels and is less than a 10 minute walk from Keystone Property Group’s 371,000-square-foot Airport Business Center, home to a number of tenants including AmeriHealth Caritas, Kuehne + Nagel and Keystone First.
“It is gratifying to earn new business with a quality developer such as AMENA Hotels,” said Leslie Ng, chief investment officer of Interstate Hotels & Resorts, in a prepared statement. “With a planned renovation and repositioning in addition to an ideal location, we expect to take this hotel to a leadership position and maximize investment returns.”
Last summer, a recently renovated airport hotel of a similar size sold near the Dallas/Fort Worth International Airport for $46 million.
Image courtesy of Renaissance Philadelphia Airport Hotel