PLYMOUTH MEETING, PA-An affiliated fund of Philadelphia-based The Arden Group has acquired the DoubleTree Suites here for $31 million.
The fund acquired the 253-room hotel at 640 Germantown Pike from special servicer LNR Partners after the lender took it back from Crescent Hotels & Resorts, a Washington, DC-based investment group, according to the Philadelphia Business Journal.
The seven-story hotel was built in 1987 and originally opened as a Guest Quarters, but was later converted to the DoubleTree flag. Carl Neilson of Colliers International arranged the sale. See story in the Philadelphia Business Journal.
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