Hyatt Hotels Corporation has acquired the Chancellor Garage at 1612-1634 Chancellor St. in Philadelphia, PA for $25 million, or about $833 per square foot, from Haverford Hotel Partners LP and Patriot Parking, Inc.
The 0.35-acre site is currently improved with 30,000-square-foot, three-level parking garage with 300 stalls.
Hyatt plans to redevelop the site with a new 309-room, 13-story, 235,000-square-foot, Hyatt Centric Hotel. The redevelopment project is set to have retail and restaurant space on both the first and second floors in addition to more than 30,000 square feet of subterranean parking.
www.omegare.com
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