January 06, 2016
Contributed Art/Marriott.com
Conshohocken's Residence Inn, a Marriott hotel, was sold for $26.5 million one year after a complete renovation.
Just one year after undergoing a complete renovation, a Conshohocken hotel has been sold for $26.5 million.
Radnor-based Brandywine Realty Trust closed a deal just before New Year's to sell the 137-room Marriott Residence Inn to HHM, the two companies announced on Tuesday.
A Philadelphia-based investment group, HHM operates 115 hotels nationwide, including the luxury Rittenhouse Hotel in Center City.
Although Brandywine got over $193,000 per room, the net proceeds of the sale after debt repayment and other expenses are just $6.1 million. Brandywine owned half of the Marriot-brand hotel, which added a new bar and lounge in 2014.
The Residence Inn is one of just two hotels in Conshohocken and tends to attract business travelers. HHM's CEO, Naven Kakarla, said in a statement that the new hotel "perfectly positions HHM to take advantage of the area's vibrant and growing local business community."
