Brandywine Realty Trust partnership sells Conshohocken Marriott
The company formerly known as Hersha Hospitality Management has acquired the Residence Inn Philadelphia Conshohocken hotel from a partnership involving Brandywine Realty Trust for $26.5 million.
The company formerly known as Hersha Hospitality Management has acquired the Residence Inn Philadelphia Conshohocken hotel from a partnership involving Brandywine Realty Trust for $26.5 million.
HHM, as it is now known, bought the 137-room Marriott hotel to take advantage of Conshohocken's growing business community, the company said in a release Tuesday.
Brandywine announced the sale of the hotel, in the Tower Bridge development, earlier in the day. The Radnor-based developer said it will net $6.1 million from its 50 percent stake in the property after debt repayment and other costs.
Brandywine also sold its Encino Trace offices in Austin, Texas, to a joint venture between itself and New York-based DRA Advisors L.L.C. in a deal that values the two-building development at $91.3 million. The sale netted $35.9 million for Brandywine.
215-854-2615 @jacobadelman