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KING OF PRUSSIA, PA-New York City-based Carl Marks Real Estate Group has sold the Comfort Inn at Valley Forge to an unidentified area hotel operator. The ballpark estimate is the asset went for $82,645 per key.

The price is undisclosed, but Martin Schiffman, managing director of the seller’s parent company, the Carl Marks & Co., Inc. investment firm, tells GlobeSt.com, it was “solidly in the $10-million range.”

Prior to the hotel’s construction, the Route 202 site contained an office building that had been destroyed by fire. In the mid-1980s, when King of Prussia had a building moratorium due to lack of sewer capacity, Carl Marks acquired the land in joint venture with Chicago-based Lodging Unlimited, headed by Morris Lasky. The parcel had sewer capacity and was therefore available for replacement development. The JV constructed the hotel in the late 1980s.

According to Schiffman, for several years following its development, it was the only new hotel in this submarket. “When we built the hotel, the suburbs benefited from business flight from Center City Philadelphia, but this is no longer the case. Now, with the Center City in the midst of a remarkable rejuvenation, the entire region is performing well,” he says. “We had mixed feelings about selling. We’re strong believers in the Greater Philadelphia marketplace and the future of its economy.”

That belief is evidenced by Carl Marks’ continuing participation in Philadelphia real estate development. Schiffman acts as managing director of World Trade Center of Greater Philadelphia/Real Estate Development Group, which, in public/private partnership with the Delaware River Port Authority, has created a master plan for the city’s World Trade Center complex on 5.3 acres along the Delaware that has yet to break ground. It calls for nearly four million sf of development, including a 42-story multi-family tower; three office buildings to be constructed in phases and aggregate 2.3 million sf; and 118,000 sf of retail. The project is affiliated with the nearly 300 World Trade Centers planned or in operation worldwide.

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