Updated Dec 5, 2024
Certares Management Acquires Le Meridien Philadelphia Hotel For $32.7M
1421 Arch Street
$32,700,000
Building Size
—
Asset Type
Hotel
Closing
Jan 24, 2024
About this deal
AI
The 202-room Le Meridien Philadelphia hotel located at 1421 Arch St. in Center City has been acquired by New York investment firm Certares Management LLC for $32.7 million. The seller of the hotel was Walton Street Capital. The transaction took place on January 24, 2024, in Philadelphia.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $32,700,000
- Address: 1421 Arch Street
- Market: Philadelphia
Certares Management LLC, represented by Michael Gregory, was the buyer in this transaction. On the other hand, Eric Mogentale, representing Walton Street Capital, acted as the seller.
A noteworthy aspect of this deal is the potential change in management for the Le Meridien Philadelphia hotel. There is a pending liquor license registered to Hersha Hospitality Management, aligned with Certares and Hersha's investment partnership in hotel acquisitions.
Players
Philadelphia Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93