Conshohocken Hotel Sells for $26.5 Million
Philadelphia-based HHM, formerly known as Hersha Hotel Management, is increasing its portfolio once again by agreeing to buy the Residence Inn Philadelphia Conshohocken for $26.5 million. That’s a cool $193,430 per room key.
The seller is Brandywine Realty Trust which owned 50 percent of the property as part of a joint venture which originally developed the hotel in 2001. The deal closed December 30, 2015. Brandywine netted $6.1 million from the sale.
The all-suite hotel was renovated in 2014 and with a new bar and lounge, as well as an indoor pool, fitness center and outdoor sports court.
Naveen P. Kakarla, president and CEO of HHM, said the purchase “perfectly positions HHM to take advantage of the area’s vibrant and growing local business community” with 4.3 million square feet of office space.
In a statement HHM said: “The Conshohocken office submarket boasts market-leading occupancy and office rental rates and is home to a number of major pharmaceutical, consulting, tech and financial services corporations, as well as a thriving residential market. The existing hospitality market is poised for further success, with $500 million in new development planned for the area, helping to drive an anticipated 38 percent job growth over the next 10 years.”
The Conshohocken deal follows on the heels of HHM’s recent moves in Florida, where the company assumed management of the Hilton Daytona Beach Resort and acquired the Sheraton Miami Airport Hotel and Executive Meeting Center.
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