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Growth Properties Acquires Third Property
in the Greater Philadelphia Area

The Holiday Inn in Cherry Hill, New Jersey was recently sold by Triple Crown Limited Partnership, Inc. to an affiliated company of Growth Properties Investment Managers Inc.  (“Growth Properties”).  This will be the third hotel that Growth Properties owns and operates in the greater Philadelphia area.

This 186 room Holiday Inn Hotel will follow suit with the “Holiday Inn on the Way” campaign by spending $1.7 million in renovations.  These renovations will include a complete redesign not only of the hotel’s exterior appearance but also the guest rooms, lobby, the meeting facilities and the restaurant.  These renovations will be staged over a short period of time so as to not disturb the daily operations of the hotel.  Upon completion, the Holiday Inn Cherry Hill will be reintroduced as “The Best Product on the market.”

The Holiday Inn-Cherry Hill offers value conscious pricing supported by a variety of free amenities.  These amenities include FREE made to order breakfast, FREE local phone calls, in-room coffee makers, ironing boards and irons.

The Holiday Inn-Cherry Hill will continue to own and operate Red Hot & Blue, a Memphis style bar-b-que which offers excellent food at moderate prices and a laid back ambiance.  In addition, Red Hot & Blue offers on and off premises catering and live music on the weekends.

The hotel will continue under the direction of Tom Gualano, the General Manager.

This recent acquisition represents a continuation of Growth Properties’ strategy of owning and managing hotels in the greater Philadelphia region.  In addition, Growth Properties is also actively pursuing opportunities in managing third-party hotels.  Growth Properties believes that it can be a successful competitor by applying its management expertise in a localized region and by having a very strong presence of its senior management team.

Tom Gualano
Holiday Inn - Cherry Hill

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