Real EstateAcquisitionsHHM Acquires Residence Inn Philadelphia Conshohocken

HHM Acquires Residence Inn Philadelphia Conshohocken

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.

RELATED ARTICLES

Dreamscape Hospitality Assumes Management of Three Hotels in Houston

HOUSTON, Texas—Dreamscape Hospitality announced that it has assumed management of three hotels in Houston, Texas. "We are excited to deepen our presence in Texas through...

Hilton Announces Plans to Debut Spark by Hilton in Puerto Rico

PONCE, Puerto Rico, and MIAMI, Florida—Hilton announced the signing of Spark by Hilton Ponce, marking the upcoming debut of the brand in the Caribbean...

Wyndham Announces Partnership With Cygnett

DELHI—Wyndham Hotels & Resorts announced a new strategic alliance with Cygnett Hotels & Resorts that will not only introduce its La Quinta by Wyndham...

New Pyramid Global Hospitality COO Continues Focus on Big Data to Benefit Owners

Pyramid Global Hospitality Chief Operating Officer Eric Habermann retired in April following seven years with the company and a nearly 40-year career in hospitality....

Grand Hyatt Kauai Resort & Spa Launches Scholarship Program

Grand Hyatt Kauai Resort & Spa, a 605-room resort, announced the launch of a scholarship program to support the continued education of its colleagues...

Hilton Surpasses 500 Hotels in Florida

MCLEAN, Virginia, and MIAMI, Florida—Hilton announced a major milestone as the company surpassed 500 open hotels across Florida. This growth was fueled in part...