Gehr Hospitality Adds Hyatt Place in PA to Portfolio
“We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” says David Lifschitz, president and CEO of The Gehr Group.
KING OF PRUSSIA, PA—Los Angeles-based Gehr Hospitality reports it has purchased the 129-room Hyatt Place here.
The Hyatt Place King of Prussia hotel was acquired by Gehr Hospitality, a division of The Gehr Group, in a joint venture with Oakhurst Advisors, LLC of Los Angeles. No financial terms of the transaction were disclosed,
The acquisition was financed by Wells Fargo, and The Plascencia Group represented the seller. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction on behalf of the firm.
“We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” says David Lifschitz, president and CEO of The Gehr Group, “and we welcome the addition of this property to our expanding hospitality portfolio.”
The hotel, which was fully renovated in 2018, is located in the King of Prussia’s corporate office district that is anchored by numerous Fortune 500 companies. The property is also surrounded by an array of leisure attractions, including the King of Prussia Mall, the Valley Forge National Historical Park, the Valley Forge Casino Resort and a number of youth sports venues.
In addition to the surrounding attractions, in the hotel’s immediate vicinity is Moore Park KOP, home to more than 4,000 companies with more than 20,000 employees. The city possesses the largest concentration of commercial office, industrial, and flex buildings in the Philadelphia suburban region, with more than 17 million square feet of space.
In October 2018, Gehr Hospitality acquired the 94-room Courtyard Nashville at Opryland and 109-room Fairfield Inn & Suites Nashville at Opryland. The acquisition was financed by BMO Harris Bank, and the Plascencia Group represented the seller.