KOP’s Hyatt Place Acquired for $13 Million; Renovations Planned
King of Prussia’s Hyatt Place hotel has been acquired for $13 million by DoveHill, a real-estate investment firm, and its partner, Wurzak Hotel Group, writes Kenneth Hilario of the Philadelphia Business Journal.
Wurzak, which has operations in Philadelphia and now has a portfolio of five hotels in the area, assumed management of the 129-room hotel,
“The significant and ongoing development in King of Prussia’s entertainment, retail, and office sectors have created strong hotel demand,” Eric Davies, COO of the Wurzak Hotel Group, said in a statement. “With our upcoming enhancements to the hotel, we intend on capitalizing on this growth in an impactful way.”
According to Hilario, the new ownership plans $1.2 million worth of upgrades to the hotel lobby, guest rooms, bar, and fitness center.
“We will immediately put plans in place to improve and upgrade the property and make it a top performer in our portfolio,” Jake Wurzak said in a statement. “We will reposition the asset to leverage the strong demand in the vibrant King of Prussia region.”
Click here to read more about the planned improvements for the King of Prussia Hyatt Place in the Philadelphia Business Journal.
Stay Connected, Stay Informed
Subscribe for great stories in your community!
"*" indicates required fields