Local investors have purchased the 105-room Staybridge Suites Philadelphia-Montgomeryville in North Wales for $9.89 million, writes Emma Dooling for the Philadelphia Business Journal.
An entity affiliated with Westville, New Jersey-based Pinnacle Hospitality Group completed the acquisition of the hotel on January 15, with the sale price working out at $94,190 per key.
Led by Chet Patel and Garry Hesselbacher, Pinnacle also owns the nearby Hampton Inn & Suites Philadelphia Montgomeryville.
The seller of the hotel at 119 Garden Golf Boulevard was an entity connected to the global private investment firm Starwood Capital Group.
Built in 2012 and situated near Montgomery Mall and Airport Square shopping center, the hotel spans 88,519 square feet across four levels. The units range from studios to two-bedroom suites, with all equipped with kitchens. Amenities include a fitness center, a business center, as well as pet-friendly accommodations.
Staybridge Suites, a brand within InterContinental Hotels Group’s suite portfolio, has locations in Royersford, New Jersey, and two in Delaware. Pinnacle Hospitality Group owns multiple hotels in the Philadelphia region, including Courtyard by Marriott Wilmington Brandywine, Inn at Wilmington, and Comfort Inn & Suites Glen Mills-West Chester.
Read more about Staybridge Suites Philadelphia-Montgomeryville in the Philadelphia Business Journal.
