A King of Prussia hotel with 129 keys is heading to auction and it has a starting bid of $3.5 million, writes Emma Dooling for the Philadelphia Business Journal.

The online auction for the Hyatt Place King of Prussia will take place July 22-24 on the real estate platform, RI Marketplace.

Built in 2010, the Montgomery County property has been owned by private investment firm, Gehr Hospitality, through a partnership with investment advisory company, Oakhurst Advisors, since June 2019.

It was sold for $12.67 million, which breaks down to $98,178 per key for the six-story hotel.

The hotel is located across the Pennsylvania Turnpike from the 2.9-million-square-foot King of Prussia Mall and near Valley Forge National Historical Park.

In addition to its 129 rooms, Hyatt Place’s select-service property also features a bar, fitness center, pool, and 1,065 square feet of meeting space, according to the listing.

Read more about the upcoming auction for Hyatt Place at the Philadelphia Business Journal.

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