Buccini/Pollin acquires Philadelphia Omni

Wilmington, N.C.-based real estate investor Buccini/Pollin acquired the Omni Hotel Independence Park in Philadelphia.

The hotel will be rebranded as an upscale Marriott Renaissance. Also included in the acquisition were two hotels in King of Prussia, Pa. These hotels were purchased from Valley Forge Investment Corp.

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"We feel that now is an opportune time to invest," Robert Buccini, co-president of Buccini/Pollin told Philly.com. "Philadelphia is headed in the right direction, and we've got a lot of confidence in Center City."

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On-the-books pace was up 4.5 percent, while newly signed bookings rose 4.4 percent, according to a recent report.

The one-day event will focus on related hospitality concepts such as hostels, co-living, co-working, student accommodation and serviced apartments.

The company plans to introduce the changes—including switching to large-format bathroom amenities—no later than June 2021.