Steel Hospitality has acquired the 129-room Hyatt Place Philadelphia King of Prussia for $14 million, reports Emma Dooling for Philadelphia Business Insider.
This marks its entry into the growing King of Prussia hospitality market. The acquisition, finalized in October, breaks down to $108,527 per room.
Previously owned by Los Angeles-based Gehr Hospitality, which purchased the property for $12.67 million in 2019, the Hyatt Place underwent its last renovation in 2018. Steel Hospitality plans to launch a two-phase renovation in 2025, updating guest rooms, flooring, and the property’s overall aesthetic to meet Hyatt’s latest brand standards.
Located at 440 American Ave., the six-story hotel spans 4.71 acres near the Pennsylvania Turnpike and the 2.9 million-square-foot King of Prussia Mall. The property features a bar, fitness center, pool, and 1,065 square feet of meeting space, making it a prime choice for both business and leisure travelers.
Steel Hospitality CEO Adam Patel cited King of Prussia’s dynamic market, with its corporate headquarters and upcoming retail attractions like Eataly and Netflix House, as key factors for the acquisition. Renovations are set to begin in March, with completion expected by fall 2025, further enhancing the property’s appeal in this vibrant region.
Read more about Steel Hospitality’s acquisition in Philadelphia Business Journal.
