Philadelphia-area hotel sales generated more than $100 million across the region in 2024, with most of the revenue occurring in the city, writes Emma Dooling for the Philadelphia Business Journal.
This marked a rebound from a different year in the industry in 2023, when transaction volume was down nationwide as a result of a disconnect between buyers and sellers.
As market confidence grew, hotels traded with more frequency.
In January 2024, the 202-room Le Meridien Philadelphia hotel was traded for $32.7 million. New York investment firm, Certares Management LLC, purchased the Center City property, which is now being managed by Philadelphia-headquartered Hersha Hospitality Management. Le Meridien has since been rebranded to the Courtyard Philadelphia Downtown.
Hersha Hospitality Management acquired the Aloft Philadelphia Downtown for $25.1 million in September. It took ownership of the 179-room hotel from Urban Philadelphia Liberty Building LLC.
Other area hotel sales included Baywood Hotels purchasing the 100-key Residence Inn by Marriott Philadelphia for $22.1 million; the 129-room Hyatt Place Philadelphia King of Prussia being sold for nearly $14 million; and Parx Casino purchasing the 167-key Inn at Fox Chase for about $13.35 million.
Meanwhile, SSN Hotels also acquired the 117-room SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill for $10.45 million.
Read more about Philly-area hotel sales over the past 12 months at thePhiladelphia Business Journal.
_____
