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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
