Ethika Investments has announced a capital allocation for the acquisition of the Hilton Garden Inn located in Fort Washington, Pennsylvania.
The six-storey hotel features 146 guestrooms and 3,350 square feet of meeting space and amenities, including an indoor swimming pool, business centre, guest laundry facility and the brand's signature restaurant and bar. This property marks the seventh investment from Ethika's Diversified Opportunity Real Estate Fund.
The Hilton Garden Inn is positioned adjacent to the Fort Washington Office Park which consists of nearly six million square feet of Class-A office space and houses more than 100 companies such as GMAC/Ally, URS Corporation, Honeywell, Verizon, FedEx and Johnson & Johnson. In addition, Greater Philadelphia is home to approximately 20 Fortune 500 companies, including AmerisourceBergen, Comcast, Aramark and Sunoco. The hotel offers convenient access to the Interstate and SEPTA regional train station, which provides transportation to the entire Philadelphia region.
"The Philadelphia market has exhibited strong recovery out of the downturn. We will implement a USD2.25 million property improvement plan, as well as bring in a new management company to enhance the overall guest experience and further drive future performance," says BJ Turner, Vice President Capital Markets for Ethika Investments.
"This investment displays an opportunity to acquire an institutional quality asset in one of the nation's premier business parks at a significant discount to replacement cost," says Andres Szita, Chairman & Co-Founder of Ethika Investments.