News for the Hospitality Executive |
HREC Arranges Sale of Park Ridge Hotel -King of Prussia, PA
(Denver,
CO; King of Prussia, PA) - September 17, 2009 - The national hotel brokerage
firm of HREC Investment Advisors recently arranged the sale of the Park
Ridge Hotel (formerly the Sheraton) in King of Prussia, PA on behalf of
Starwood Hotels. Terms were not disclosed. The 265-room hotel is situated
on 8.5 acres of prime real estate in the Valley Forge/King of Prussia sub-market
outside of Philadelphia, PA.
The Park Ridge Hotel became independent in late 2008 as Starwood Hotels and Resorts researched branding and redevelopment alternatives. The Property was acquired on August 27, 2009 by Wurzak Hotel Group, a Philadelphia based hotel owner, operator and developer who recently built a Westin Hotel in nearby Mt. Laurel, NJ. Howard Wurzak, President and CEO said, �Our intent is to eventually redevelop the site with two Starwood Hotel products (an Element and a Sheraton/Westin). The site maintains tremendous long-term viability for hotel development and we believe these brands will hold strong value for the market. In the interim, we look forward to bringing the hotel back to its past glory, it still is a great facility and presents an excellent lodging option for the King of Prussia market.� Regarding the transaction, Laura Benner, VP, Starwood Hotels & Resorts, said, �This was a unique transaction in which we worked with the developer to create a win-win situation that will allow for the eventual introduction of new and exciting Starwood hotel products into this market.� Geoff Davis, President of HREC Investment Advisors, who arranged the transaction, concluded, �We worked with Starwood on this transaction for three years. In that time frame, we have seen dramatic shifts in the market, I applaud both sides for their creativity and tenacity in coming up with a deal structure that will allow for the redevelopment to occur in a tough environment.� Added Mike Cahill, CEO & Founder of HREC, �Our national hotel brokerage team has successfully closed multiple property sales and refinancings in 2009, one of the toughest transaction years in our lifetime. HREC�s team approach and market savvy continues to produce results for our clients.� HREC is the nation�s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), asset management and litigation support. With eleven offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. For additional information, visit HREC�s website
at www.hrec.com
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Contact
Geoff Davis
President HREC Investment Advisors 230 Park Avenue 10th Floor New York, NY 10169 (212) 551-1775 [email protected] |
Mike Cahill
CEO & Founder HREC-Hospitality Real Estate Counselors 6400 S. Fiddler�s Green Circle Suite 1730 Greenwood Village, CO 80111 (303) 267-0057 ext 101 [email protected] |