Friday, March 15, 2019

Cambridge Landmark Snaps Up Former Sheraton Downtown Philadelphia

Newington, Connecticut-based Cambridge Landmark purchased the former 757-room Sheraton Downtown Philadelphia hotel from The Blackstone Group for an undisclosed price.

With 58,000 square feet of event space, the hotel at 201 N. 17th St. currently operates as the Philadelphia 201 Hotel under the Marriott flagship. The 30-story tower spans north of an acre in Philadelphia’s Center City district.

Cambridge Landmark’s Managing Partner Pedro Miranda said in a statement that the "acquisition demonstrates Cambridge Landmark's focus on ownership-driven hotel investment with assets in the largest U.S. domestic markets."

The hotel will regain the Sheraton brand upon completion of a $28 million renovation, which includes upgrading the rooms, creating new suites, enhancing the lobby and meeting space and adding a new Sheraton Club Lounge, according to Cambridge Landmark.

The seller, headquartered in New York, originally purchased the hotel as part of a portfolio in December 2010, CoStar data shows.

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