Cambridge Landmark Acquires Former Sheraton Downtown Philadelphia From The Blackstone Group
Cambridge Landmark, a hotel-focused private equity company, recently announced that it has closed on the acquisition of the former Sheraton Downtown Philadelphia, a 757-room full service hotel located in Center City and two blocks from the Pennsylvania Convention Center. The hotel currently operates as the Philadelphia 201 Hotel under the Marriott reservation system.
With the closing of this transaction, a new franchise agreement has been signed with Marriott International for the property to regain the Sheraton brand upon completion of a $28-million renovation focused on upgrading the rooms, creating new suites, enhancing the lobby and meeting space, and adding a new Sheraton Club Lounge.
"This acquisition demonstrates Cambridge Landmark's focus on ownership-driven hotel investment with assets in the largest U.S. domestic markets," said Pedro Miranda, managing partner. "This property holds great potential, with its premier location in one of the most vibrant cities in the United States. With the forthcoming renovations and refurbishments, we expect this hotel to drive long-term value, and be an integral part of the expanding Cambridge Landmark portfolio."
Located in the Center City district, the Philadelphia 201 Hotel is the second largest hotel in Philadelphia. It is situated just two blocks from the Pennsylvania Convention Center, and walking distance from Love Park, the Franklin Institute and the iconic Philadelphia Museum of Art. The property features 757 guest rooms, 58,000 sq. ft. of versatile event space, an indoor swimming pool, fitness center, and a restaurant and lounge.
The property was formerly owned by The Blackstone Group and the terms of the transaction were not disclosed.