May
08
Hersha Closes Sale of Hyatt Place in Philadelphia Suburb
ByThe 129-key hotel, located in a vibrant submarket, was purchased by a joint venture between DoveHill and Wurzak Hotel Group.
Hyatt Place in King of Prussia, P.A.
Philadelphia—Hersha Hospitality Trust announced the sale of Hyatt Place in King of Prussia for $13 million, or roughly $101,000 per key.
The 129-guestroom accommodation facility was sold unencumbered of debt and management to DoveHill and Wurzak Hotel Group. The latter assumed management of the hotel.
“We are excited to add the Hyatt Place King of Prussia to our growing portfolio. The significant and ongoing development in King of Prussia’s entertainment, retail and office sectors have created strong hotel demand. With our upcoming enhancements to the hotel we intend on capitalizing on this growth in an impactful way”, said Eric Davies, CEO of the Wurzak Hotel Group…
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