Starwood sells its Philly airport hotels; Lightstone buys 2 for $22M
Sheraton Suites will also change hands
Lakewood, N.J. and New York-based investor David Lichtenstein's Lightstone Group has agreed to buy two hotels near Philadelphia International Airport from Starwood Hotels and Resorts Worldwide Inc., for a total of more than $22 milllion, according to a person familiar with the deal.
After negotiations that started in March, Lightstone agreed to pay around $15 million for the 136-room Aloft hotel (average daily rate: $110) after calculating that price is below replacement cost and that the Philly market will support higher rents. Lightstone also paid $7.4 million, or $126,000 per key, for the nearby Four Points hotel.
As part of the deal, Lightstone also agreed to buy the 252-room, full-service Sheraton Suites that Starwood owned, and has lined up a buyer who operates similar hotels under terms that would insure the company a six-figure profit on the transaction.