Arden Group acquires DoubleTree Suites Philadelphia West

Arden Group has acquired the DoubleTree Suites by Hilton Philadelphia West for an undisclosed price, but is planning to invest $6 million toward a a full renovation of guestrooms and public spcaes, along with a new restaurant, to be completed in the fall of 2014. The 253 room all-suite hotel includes more than 8,000 square feet of meeting space. The property was acquired from the lender, an affiliate of the LNR.

The hotel is located approximately 15 miles from downtown Philadelphia. Commenting on the investment, Craig A. Spencer, CEO of Arden Group said, "We are pleased to have acquired this all-suite full-service hotel at a time when the market has clearly rebounded and is poised for continued growth. We are able to provide a solid financial platform for the property, as well as the necessary funding for renovations that will position the property as the highest quality hotel in the Plymouth Meeting market. This acquisition is consistent with our strategy of investing in opportunities for value creation making this our fourth hotel purchase in the past nine months. The planned renovation and Arden’s strategic asset management oversight will allow us to achieve our operational goals as well as enhance appreciation of the asset over time."

"The combination of limited new hotel supply planned for this submarket and hotel performance approaching 2007 peak RevPAR in 2013 makes it a great time to invest in the West Philadelphia suburbs,” said René Bardel, VP of hotel acquisitions for Arden Group."

Hostmark Hospitality Group has been selected to manage the hotel along with Arden’s asset management team.

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