SOLD
Certares Management Acquires Le Meridien Philadelphia Hotel For $32.7M
1421 Arch Street - The Le Meridien
Hotel
Sold 118 days ago
Summary
Sale
PENNSYLVANIA
Hotel
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.
Details
SOLD
IMAGE: Michael Gregory & Eric Mogentale
DATE: 01/24/2024
ADDRESS: 1421 Arch Street - The Le Meridien
MARKET: Philadelphia
ASSET TYPE: Hotel
BUYER: Michael Gregory - Certares Management LLC
SELLER: Eric Mogentale - Walton Street Capital
SALE PRICE: $32,700,000
KEYS: 202 ~ PPK: $161,881
NOTE: New York investment firm Certares Management LLC acquired the 202-room Le Meridien Philadelphia hotel in Center City for $32.7 million from Walton Street Capital. The hotel, located at 1421 Arch St., may see a change in management, with a pending liquor license registered to Hersha Hospitality Management, aligned with Certares and Hersha's investment partnership in hotel acquisitions.View on map
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Address1421 Arch Street - The Le Meridien
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