HREC Arranges Sale of Park Ridge Hotel
DENVER, CO / KING OF PRUSSIA, PA. September 17, 2009 - The national hotel brokerage firm of HREC Investment Advisors recently arranged the sale of the Park Ridge Hotel (formerly the Sheraton) in King of Prussia, PA on behalf of Starwood Hotels. Terms were not disclosed. The 265-room hotel is situated on 8.5 acres of prime real estate in the Valley Forge/King of Prussia sub-market outside of Philadelphia, PA.
The Park Ridge Hotel became independent in late 2008 as Starwood Hotels and Resorts researched branding and redevelopment alternatives. The Property was acquired on August 27, 2009 by Wurzak Hotel Group, a Philadelphia based hotel owner, operator and developer who recently built a Westin Hotel in nearby Mt. Laurel, NJ. Howard Wurzak, President and CEO said, "Our intent is to eventually redevelop the site with two Starwood Hotel products (an Element and a Sheraton/Westin). The site maintains tremendous long-term viability for hotel development and we believe these brands will hold strong value for the market. In the interim, we look forward to bringing the hotel back to its past glory, it still is a great facility and presents an excellent lodging option for the King of Prussia market."
Regarding the transaction, Laura Benner, VP, Starwood Hotels & Resorts, said, "This was a unique transaction in which we worked with the developer to create a win-win situation that will allow for the eventual introduction of new and exciting Starwood hotel products into this market."
Geoff Davis, President of HREC Investment Advisors, who arranged the transaction, concluded, "We worked with Starwood on this transaction for three years. In that time frame, we have seen dramatic shifts in the market, I applaud both sides for their creativity and tenacity in coming up with a deal structure that will allow for the redevelopment to occur in a tough environment."
Added Mike Cahill, CEO & Founder of HREC, "Our national hotel brokerage team has successfully closed multiple property sales and refinancings in 2009, one of the toughest transaction years in our lifetime. HREC's team approach and market savvy continues to produce results for our clients."
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