LNR Partners, Inc., a special loan servicer, sold the 253-room Doubletree Guest Suites - Philadelphia West to The Arden Group for $31.1 million, or approximately $123,000 per room. At the time of sale, the asset was not distressed and had good operating income.
Located at 640 Fountain Rd. in Plymouth Meeting, PA, the seven-story, 246,048-square-foot hospitality building sits on almost eight acres. The property was awarded an Energy Star label in 2007 for its operating efficiency. The Arden Group will invest an additional $6 million in upgrades to the asset.