Ashford Hospitality Trust has sold the Embassy Suites Philadelphia Airport, a 263-key, 96,500-square-foot hotel, to SSN Hotel Management. JLL’s Hotels & Hospitality group represented Ashford in the deal. The price was not disclosed, and the property was offered “free and clear” of management.
“Embassy Suites Philadelphia Airport is an excellent addition to our growing portfolio,” Peter Bhai, co-founder and CEO of SSN, said in a statement. “We were attracted to the property's strong operating fundamentals, all-suite product and strategic location adjacent to one of the nation's most important transportation hubs. We see meaningful opportunities to further enhance the guest experience and build upon the hotel's established market position while benefiting from the long-term growth drivers in the Philadelphia airport corridor. This investment reflects our continued commitment to acquiring high-quality hospitality assets in markets with durable demand and attractive long-term value creation potential.”
The Embassy Suites Philadelphia Airport is a six-story, upper-upscale hotel situated on approximately 6.11 acres. Renovated in 2017, the non-union property has 263 two-room suites with separate living and sleeping areas, wet bars, microwaves and refrigerators. Amenities include 5,634 square feet of meeting and event space, an indoor pool, fitness center, business center, airport shuttle service, on-site dining venues and 254 parking spaces.
The hotel is close to Philadelphia International Airport, one of the nation's busiest aviation hubs and American Airlines' primary Northeast hub. The property is close to Interstate 95 and is within a short drive of Center City Philadelphia, the University of Pennsylvania, Lincoln Financial Field, Citizens Bank Park and other major corporate, educational and entertainment destinations. Demand drivers include airport-related travel, nearby universities, professional sports venues, convention activity and nearby corporate demand from employers such as Boeing's Ridley Park helicopter plant and the Philadelphia Navy Yard. The metropolitan area is anchored by healthcare, life sciences, professional services and advanced manufacturing employers, helping support year-round lodging demand across business, group and leisure segments.
The JLL Hotels & Hospitality team was led by Director Vasilis Halakos.
"What made this opportunity especially compelling was the combination of strong in-place operating performance, a differentiated all-suite product and an irreplaceable location minutes from one of the region's most important transportation hubs," Halakos said. "With the airport's $2 billion modernization underway and limited opportunities for new hotel development in the airport corridor, the property is well positioned to benefit from diverse demand. As a Philadelphia-area native, I'm excited about its future following a full renovation."