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Wednesday, 28 March 2018

Buccini/Pollin Pays $95.5Mln for Philadelphia Hotel

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The Buccini/Pollin Group has paid $95.5 million, or $262,363/room, for the 364-room Sheraton Philadelphia Society Hill hotel in Philadelphia.

The Washington, D.C., developer bought the property, at One Dock St., in Philadelphia's Old City neighborhood, from RLJ Lodging Trust. It said it would transfer management of the property to PM Hotel Group.

Buccini/Pollin, whose investment portfolio includes 40 hotels, said it would embark on a renovation of the property, upgrading rooms and public spaces. It also will change its brand, but did not identify the brand it would pursue.

The property is near a number of historical attractions, including the National Constitution Center,...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Dan Moynihan

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