Pearl Properties, a local full service investment, management and development company, purchased a 288-room hotel in downtown Philadelphia from Pebblebrook Hotel Trust. The Embassy Suites Center City Hotel sold for $67 million, or about $233,000 per room.
Built in 1965, the recently renovated, all-suite hotel at 1776 Benjamin Franklin Parkway comprises 5,000 square feet of meeting space and a 150-space garage. The 28-story structure spans half an acre less than four blocks from the Race Vine subway station.
Reed Slogoff, principal of Pearl, said in a statement, “As the area continues to see significant retail, commercial and residential development, we are confident The Embassy Suites Center City Hotel will benefit from our renewed focus and is perfectly situated to cater to business travelers, conventioneers and tourists.”
www.omegare.com
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