Investment firm and its Philadelphia-based hospitality partner expand portfolio in Philadelphia’s premier suburban market.
PHILADELPHIA – DoveHill and Wurzak Hotel Group announce that the combined venture has acquired the Hyatt Place King of Prussia hotel, expanding its growing vertically integrated investment platform. Wurzak Hotel Group assumed management of the Hyatt Place and adds this hotel to its Philadelphia portfolio now consisting of five hotels in the region. The 129-room Hyatt Place hotel was built in 2010 and the new ownership plans to immediately implement property wide upgrades with significant enhancements to the lobby, bar and fitness center and guest rooms.
"The high quality, well located Hyatt Place Hotel embodies the type of strategic investment that we seek in our target markets, and the hotel will benefit from our deep knowledge and reputation in Philadelphia. We will immediately put plans in place to improve and upgrade the property and make it a top performer in our portfolio. Through our aggressive entrepreneurial and hands-on approach to management we will reposition the asset to leverage the strong demand in the vibrant King of Prussia region. The acquisition demonstrates our conviction to seek out value-add opportunities in highly strategic markets throughout the country and provide outsize risk-adjusted returns for our investors," stated Jake Wurzak , DoveHill's Founder and Managing Member.
The Hotel is located in the heart of the vibrant 24/7 live, work, play King of Prussia Market which is home to many of the world's top pharmaceutical companies, the largest retail mall in the country, and ranked as one of the top places to live for young professionals.
"We are excited to add the Hyatt Place King of Prussia to our growing portfolio. The significant and ongoing development in King of Prussia's entertainment, retail and office sectors have created strong hotel demand. With our upcoming enhancements to the hotel we intend on capitalizing on this growth in an impactful way," stated Eric Davies, Chief Operating Officer of the Wurzak Hotel Group.
The acquisition of the Hyatt Place follows DoveHill and Wurzak Hotel Group's announcement that they are developing a 323 room dual brand Starwood Tribute Portfolio and Element by Westin hotel in Fort Lauderdale, Florida.
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