{"id":1004177648,"date":"2017-05-23T01:44:41","date_gmt":"2017-05-23T09:44:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004177648"},"modified":"2022-12-08T15:38:32","modified_gmt":"2022-12-08T23:38:32","slug":"philly-area-hilton-garden-inn-hotel-sells-for-23m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/philly-area-hilton-garden-inn-hotel-sells-for-23m\/","title":{"rendered":"Philly-Area Hilton Garden Inn Hotel Sells for $23M"},"content":{"rendered":"<p>By Evelina Croitoru<\/p>\n<p>Private real estate investment and development company Laurus Corp. has completed\u00a0the disposition of the Hilton Garden Inn hotel in Fort Washington, Pa. The 146-key property traded for $22.5 million after achieving\u00a0a 20 percent gross IRR and 1.9 times gross equity multiple in under four years.<\/p>\n<p>The hotel was acquired in 2013 and immediately following the purchase it underwent\u00a0a transformation\u00a0aimed at\u00a0repositioning the asset. The plan included a $2.5 million refurbishment with complete renovation of the lobby and outdoor seating areas, as well as extensive upgrades to the guest rooms. The value-add strategy also improved ADR penetration, operating margins and guest survey scores. Laurus appointed a new management company, tasking it with staying focused on guest satisfaction and revenue management.<\/p>\n<p>The Hilton Garden Inn Philadelphia\/Fort Washington is located along the Pennsylvania Turnpike business corridor, only 15 miles north of downtown Philadelphia. Additionally, the <a href=\"https:\/\/www.commercialsearch.com\/news\/doubletree-by-hilton-slc-changes-hands\/\">hotel<\/a> is adjacent to the Fort Washington Office Park and it benefits from the proximity of nearly six million square feet of Class A office space.<\/p>\n<p><em>Images courtesy of Hilton<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 146-key property underwent a $2.5 million renovation of the lobby and outdoor seating areas, as part of a value-add strategy implemented after the hotel&#8217;s acquisition in 2013. <\/p>\n","protected":false},"author":1055,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21742,10,1494],"tags":[32805,35673,35346],"class_list":["post-1004177648","post","type-post","status-publish","format-standard","hentry","category-deals","category-hotel","category-latest","category-northeast","category-philadelphia","tag-hilton","tag-hilton-garden-inn-philadelphiafort-washington","tag-laurus-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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