Radisson Philadelphia Northeast Hotel Changes Hands
- Nov 17, 2015
By Adriana Pop, Associate Editor
The transaction, which closed for an undisclosed amount, was arranged by HREC Investment Advisors. Ketan Patel, senior vice president of the firm’s Washington D.C. office and Geoff Davis, president & senior principal in the New York office, exclusively represented the seller, Haverford Hotel Partners, L.P.
Located near the major intersection of Lincoln Highway (US 1) and the Pennsylvania Turnpike (I-276), the hotel provides easy access to the area’s corporate and leisure demand generators. Nearby attractions include the famous Sesame Place Theme Park, Parx Casino & Racetrack, Philadelphia Mills Shopping Mall, Neshaminy Mall, Sportsplex, and a variety of other businesses.
The property offers 20,000 square feet of meeting space spread across 19 function rooms, a state-of-the-art fitness center, complimentary Wi-Fi, a swimming pool, onsite restaurant and a business center.
“We are pleased to have represented Haverford Hotel Partners in the successful sale of this hotel. Our deep relationships in the hotel investment community and thorough process generated significant competition that allowed us to secure a qualified buyer that closed quickly and efficiently,” said Patel.
Davis added, “we have seen a strong interest by hotel investors in Pennsylvania this year. Improving operating metrics and a strong local economy has drawn interest to hotel assets statewide.”
Image courtesy of Radisson Philadelphia Northeast