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Pearl Properties has doubled the size of its hotel portfolio in Center City.
The Philadelphia-based company has acquired the Embassy Suites at 1776 Benjamin Franklin Parkway, it announced on Monday. The hotel was sold by Pebblebrook Hotel Trust as part of its acquisition of LaSalle Hotel Properties, which was finalized Nov. 30.
Pearl purchased the 288-room Embassy Suites from Pebblebrook for the price of $67M, according to the hotel REIT. The property was valued at $65.8M for its 2019 assessment by the city of Philadelphia, according to property records. LaSalle purchased the building for $16M in 1991, and recently completed a round of renovations to all of the suites, the lobby, elevators and common space.
Pearl will undertake further renovations, including the addition of restaurant space on the ground floor, which currently houses a TGI Friday's. All 288 guest accommodations are two-room suites, and the building also contains 5K SF of meeting space. The hotel is located a block away from the recently completed Comcast Technology Center, the tallest building in Philadelphia and the heart of Comcast's 3M SF office footprint in Center City.
This move follows Pearl's completion of its multifamily building The Harper earlier this year, as well as the development of its first hotel, the Cambria on South Broad Street, which opened last year. Its most recent acquisition is the former United Way headquarters building, which sits at 1709 Benjamin Franklin Parkway, feet away from the Embassy Suites.
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