Philly-Area Hilton Garden Inn Hotel Sells for $23M
- May 23, 2017
Private real estate investment and development company Laurus Corp. has completed the disposition of the Hilton Garden Inn hotel in Fort Washington, Pa. The 146-key property traded for $22.5 million after achieving a 20 percent gross IRR and 1.9 times gross equity multiple in under four years.
The hotel was acquired in 2013 and immediately following the purchase it underwent a transformation aimed at repositioning the asset. The plan included a $2.5 million refurbishment with complete renovation of the lobby and outdoor seating areas, as well as extensive upgrades to the guest rooms. The value-add strategy also improved ADR penetration, operating margins and guest survey scores. Laurus appointed a new management company, tasking it with staying focused on guest satisfaction and revenue management.
The Hilton Garden Inn Philadelphia/Fort Washington is located along the Pennsylvania Turnpike business corridor, only 15 miles north of downtown Philadelphia. Additionally, the hotel is adjacent to the Fort Washington Office Park and it benefits from the proximity of nearly six million square feet of Class A office space.
Images courtesy of Hilton