The properties are: the 170-unit Homewood Suites at 1200 Pennbrook Parkway in Lansdale; the 152-unit Hampton Inn-Philadelphia Airport at 8600 Barton Ave. here; the 137-unit Hampton Inn & Suites-Newtown at 1000 Stony Hill Rd. in Yardley; the 125-unit Hampton Inn-Great Valley at 635 Lancaster Ave. in Frazer; and the 136-unit Hampton Inn-Plymouth Meeting at 2055 Chemical Rd. in Plymouth Meeting.
Moody says MNC "is attracted to the hospitality industry due to the strong yields available in that space." Asked why an interest in Philadelphia, he refers to a forecast by Petros Sivitanides, a senior economist at Boston-based Torto Wheaton Research, who names Philadelphia as one of five metro markets expected to experience the strongest RevPar increases--between 15% and 20%--during the next two years. The other markets are Atlanta, Los Angeles, San Francisco and Seattle.
"MNC is currently seeking mid-scale, non-food and beverage hotels in major metropolitan areas," Moody continues, adding, "this is one of 12 hospitality transactions MNC has in the pipeline for 2005." Gulph Creek Hotels will continue to manage the properties, Moody says. "It's a premiere hotel management firm, and we value their expertise in the local Philadelphia hospitality market." MNC is a full service commercial real estate firm that acquires, finances, manages and provides equity for commercial property investments.
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