Latest News
HomeHotels & LodgingLaurus Corp. spearheads sale of Hilton Garden Inn Philadelphia / Ft. Washington
Hotels

Laurus Corp. spearheads sale of Hilton Garden Inn Philadelphia / Ft. Washington

Successfully achieving target returns for Ethika Diversified Opportunity Real Estate Fund, L.P.

PHILADELPHIA – Laurus Corp., a U.S.-based private real estate investment and development firm, has completed the $22.5 million sale of the award-winning Hilton Garden Inn located in Fort Washington, Pennsylvania leading the asset to achieve a 20.1% gross IRR and 1.9x gross equity multiple in under four years.

Laurus acted as sponsor on behalf of Ethika Diversified Opportunity Real Estate Fund, L.P. Immediately following the acquisition of the hotel in 2013, Laurus implemented its value-add strategy to further position the asset as a leader in its submarket. The strategy included executing a targeted $2.5 million renovation plan which included a complete refresh of the lobby and outdoor seating areas as well as significant enhancements to the guest rooms to allow the property to be more competitive in penetrating the leisure market. Laurus, as sponsor, also selected a new management company, tasking it with staying laser focused on guest satisfaction and revenue management. 

The value-add strategy implemented at the hotel improved ADR penetration, operating margins and guest survey scores, and the property received several accolades and awards under the stewardship of Laurus, including Trip Advisor's Certificate of Excellence 2013, 2014, 2015 and Aimbridge Hospitality's Presidential Award for RevPAR Growth 2013, 2014, 2015. Strategically located adjacent to the Fort Washington Office Park the Hotel benefits from nearly 6 million square feet of Class-A office space. Within close proximity of Downtown Philadelphia, the Fort Washington is ideally situated along major thoroughfares, and is comprised of numerous corporate demand generators. These include regional and national corporations situated in office parks including Fort Washington Office Park, Willow Grove Office Park, and Metroplex Corporate Center in Plymouth Meeting. Fort Washington also benefits as a suburb of Philadelphia. Home to seven Fortune 1000 companies, the city has a total gross metropolitan product of over $350 billion with its main economic sectors focused on industries such as information technology, manufacturing, oil refineries, food processing, healthcare financial services and tourism.

"The successful sale of this hotel, the second disposition for Laurus-sponsored assets within the past two weeks, continues to highlight our consistent ability to source, execute and monetize on opportunistic and value added real estate investments," said Andres Szita, Chairman. "As always, we carefully evaluate each project and define a custom strategy for each property, aiming at delivering the best possible risk-adjusted outcomes."

Tatiana Rokou

Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.

She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.

25/07/2024
24/07/2024
23/07/2024
22/07/2024
19/07/2024
18/07/2024