Gehr Hospitalit announced the acquisition of the 129-room Hyatt Place, located in King of Prussia, PA, through a joint venture with Oakhurst Advisors, LLC. The acquisition was financed by Wells Fargo, and The Plascencia Group represented the seller. Ms. Thuong Luong and Ms. Molly Caccamo of Gehr Hospitality led the transaction on behalf of the Company.
“We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” said David Lifschitz, President and CEO of The Gehr Group, “and we welcome the addition of this property to our expanding hospitality portfolio.”
The hotel, fully renovated in 2018, is situated at the heart of King of Prussia’s affluent corporate office district, anchored by numerous Fortune 500 companies. The hotel is also surrounded by an array of tremendous leisure attractions, including the King of Prussia Mall (now the largest shopping mall in the United States), the Valley Forge National Historical Park, the Valley Forge Casino Resort, and a host of youth sports venues. In addition to the surrounding leisure attractions, the hotel’s immediate vicinity, Moore Park KOP, is home to more than 4,000 companies with over 20,000 employees. The city possesses the largest concentration of commercial office, industrial, and flex buildings in the Philadelphia suburban region, with more than 17 million square feet of space.
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