A New York-based Samar Hospitality affiliate has purchased the 127-room Residence Inn by Marriott Philadelphia Great Valley/Malvern for $14.7 million, writes Emma Dooling for the Philadelphia Business Journal.
At $115,748 per key, the sale price exceeds the five-year average of $100,971 per room for hotel transactions in the market.
Property records show that 10 GWB Owner, the buyer, is managed by Samar, a family-owned hotel development and management company. Alan Mindel, Samar’s managing member, is listed as the entity’s manager on the deed.
Samar Hospitality, headquartered in Westbury on Long Island, manages properties in New York, Florida, Texas, and North Carolina, with this latest deal representing its first venture into the Philadelphia-area market.
Asset management firm Noble Investment Group, which acquired the property in 2018, was the seller.
The four-story Residence Inn opened in April 2016 and offers 127 studio and one-bedroom suites, along with an indoor pool, a fitness center, a business center, and meeting space. The hotel is part of Charlestown Village, a small mixed-use development that also includes a Dunkin’ and P.J. Whelihan’s.
Read more about Residence Inn getting purchased by Samar Hospitality in the Philadelphia Business Journal.
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