The Cordish Companies acquired the 238-room Holiday Inn at 900 Packer Ave. in Philadelphia, PA from an investment group led by Barry Sussman of Lilly Street Capital and Stadium Hospitality Group LLC for $37 million, or about $155,000 per room.
The 11-story, 159,624-square-foot, 4-Star hospitality building was originally constructed in 1973 on nine acres in the South Philadelphia submarket. It was renovated in 2004, flies the Inter-Continental Hotel Group Flag, and last year averaged 64 percent occupancy.
Cordish Companies plans to redevelop the property into a hotel and casino.
www.omegare.com
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