True North Management Group, a New York-based investment firm, sold the 327-room DoubleTree Philadelphia-Valley Forge in King of Prussia, Pennsylvania, to a joint venture between Whitman Peterson and Concord Hospitality for $32 million, or about $98,000 per room.
The seven-story hotel at 301 W. Dekalb Pike was built in 1970 and renovated in 2012.
Steve Nunez, principal of Whitman Peterson, said in a statement, "We were attracted to the asset due to the strong base of corporate demand within the King of Prussia business park in addition to a limited supply within the submarket and prime location of the hotel."
The firm plans to execute a full-scale property renovation which will include updates to the common areas, rooms and meeting space. Upon completion, which is slated for the second quarter of 2020, the hotel will be elevated to a DoubleTree Hotel & Suites.
Concord Hospitality will handle property management responsibilities in-house.
www.omegare.com
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