Tuesday, December 4, 2018

Pearl Properties Acquires Embassy Suites Center City Hotel at 1776 Benjamin Franklin Parkway

by Steve Lubetkin, Globest.com
Pearl Properties, the Center City-based real estate investment and development firm, has added a second hotel to its portfolio in the heart of Philadelphia with the acquisition of 1776 Benjamin Franklin Parkway, The Embassy Suites Center City Hotel. This recently renovated, all-suite hotel features 288 suites, 5,000 square feet of meeting space and a 150-space garage, all located at the gateway of Center City.

The Embassy Suites Center City Hotel is one block from the newly completed Comcast Technology Center, part of Comcast’s three million square-foot campus, the Pennsylvania Convention Center and numerous tourist attractions along the Parkway, including The Philadelphia Museum of Art, the world-renowned Barnes Foundation, The Rodin Museum and many others.
“In early 2018, Pearl opened the Cambria Hotel Philadelphia Downtown Center City on Broad Street because we saw strong fundamentals in the Center City hotel market for assets in prime locations,” says Reed Slogoff, principal of Pearl Properties. “And, as evidenced by our recent purchase of the former United Way headquarters directly across the Parkway at 1709 Benjamin Franklin Parkway, we’re equally bullish on the Parkway transformation that is well underway. 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.”

The Embassy Suites Center City Hotel features numerous enhancements following a recent renovation that included complete renovations of all guest rooms, common space, the lobby and elevators. Pearl says it has plans for additional upgrades that will include new restaurant spaces.

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