PHILADELPHIA-Blackstone Group acquired the Sheraton hotel here in Center City recently as part of a deal in which it bought the junior debt of 14 hotels from Columbia Sussex Corp., according to the Philadelphia Inquirer. Blackstone purchased the debt of all of the hotels for $300 million, and ironically, the firm sold that same portfolio to Columbia Sussex for $1.4 billion in 2006.
It is not known if Blackstone will seize the hotel and if the property will remain under the Sheraton nameplate. It was converted from the Wyndham Franklin Plaza Hotel when Columbia bought the asset, which sits at 17th and Race streets.
The Sheraton has 757 rooms, 58,000 square feet of event space and is in close proximity to the Philadelphia Convention Center. Click here for the full Inquirer article.
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