Thursday, July 9, 2015

Ownership Shifts at 8600 Bartram

The Hampton Inn at Philadelphia-International Airport has changed its ownership structure in a deal that values that asset at $26 million, or about $171,000 per room.

The previous structure was organized as a Tenant in Common (TIC), and was recapped because one-third of the TIC investors wanted to exit the investment. A new equity partner, Virtua Partners, acquired the 30 percent interest. Concurrent with the recap, the former TIC structure converted into an LLC, taking title as PHL Hotel Franchisee LLC and encompassing all the new equity interests.

The buyer group recapitalized the asset, securing a new loan with a $17.8 million balance. The loan is on a 120/360 schedule, and has a fixed interest rate of 4.79%.

8600 Bartram Ave. in Philadelphia, PA is a 152-room hotel on 1.6 acres. The six-story, 70,740-square-foot building was renovated in 2004 and is located directly behind Philadelphia International Airport.

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