HHM has announced that it has acquired and will assume management of the Residence Inn Philadelphia Conshohocken, expanding its new and growing private-investment platform. The 137-room all-suite hotel in the Marriott brand family was extensively renovated in 2014 and now features a newly added bar and lounge, plus an indoor pool, fitness center, and an outdoor sports court.
“As a Philadelphia-based management company we have been closely tracking the progress of this hotel and submarket,” said Naveen P. Kakarla, president and CEO of HHM. “This newly renovated hotel, one of only two hotels in Conshohocken, perfectly positions HHM to take advantage of the area’s vibrant and growing local business community.”
The hotel’s suites, recently upgraded amenities, and prime location meet the needs of leisure travelers who value being a short drive from both the sights and sounds of Center City Philadelphia and the King of Prussia Mall, the largest one-location shopping complex in the country. The hotel is also perfect for business travelers as it is located in close proximity to Conshohocken’s 4.3 million square feet of office space.
The Conshohocken office submarket boasts market-leading occupancy and office rental rates and is home to a number of major pharmaceutical, consulting, tech and financial services corporations, as well as a thriving residential market. The existing hospitality market is poised for further success, with $500 million in new development planned for the area, helping drive an anticipated 38% job growth over the next ten years.
The acquisition of the Residence Inn Philadelphia Conshohocken comes after HHM’s recent portfolio expansion in Florida, where in the past six months it assumed management of the Hilton Daytona Beach Resort and acquired the Sheraton Miami Airport Hotel and Executive Meeting Center.