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SOURCE Laurus Corporation
-- Acquisition marks 7th capital allocation from Laurus' Ethika fund --
PHILADELPHIA, Oct. 11, 2013 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, has completed the acquisition of the Hilton Garden Inn located in Fort Washington, Pennsylvania. Situated 20 miles north of downtown Philadelphia, the six-story hotel features 146 guestrooms, an indoor swimming pool, business center, guest laundry facility, the brand's signature restaurant and bar and three meeting facilities totaling 3,350 square feet.
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, housing 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.
"Marking the seventh capital allocation from Laurus' Ethika fund, the Hilton Garden Inn presents a distinct opportunity to acquire an institutional quality asset in one of the nation's premier business parks at a significant discount to replacement cost," said Austin Khan, Chief Investment Officer of Laurus Corporation.
"We have selected a new independent management company to implement techniques to further drive RevPAR, as well as executing a $1.9 million property improvement plan to further enhance the guest experience," comments Jean Paul Szita, President and Co-founder of Laurus Corporation.
"The Hotel's affiliation with Hilton through the Hilton Garden Inn license agreement creates strong brand recognition and access to Hilton's industry-leading reservation system, corporate business relationships and loyalty programs," adds Philip Cyburt, Chief Executive Officer of Laurus Corporation.
Strategically situated between the financial capital of the world (New York) and the political capital of the world (Washington D.C.), the Greater Philadelphia Statistical Area has a population of almost 5.9 million people making it the sixth largest metropolitan area in the United States. The Philadelphia International Airport is easily accessible and is served by 30 airlines offering nearly 600 daily departures to 120 cities, including 36 international destinations and is UPS' second busiest hub facility.
The hotel is also close to several new developments in the area including: the Valley Forge Casino Resort boasting 40,000 square feet of gaming tables and slot machines, three restaurants and a nightclub; King of Prussia Mall, the nation's largest retail shopping complex featuring more than 400 shops and 40 restaurants; and the Upper Dublin Township, which consists of several community areas, many of which are unincorporated.
In 2010, Hilton Garden Inn received the distinguished "Highest Guest Satisfaction Among Mid-Scale Hotel Chains with Full Service" award in the J.D. Power and Associates North America Hotel Guest Satisfaction Index Study. This accolade marks the eighth time that the hotel has received the highest ranking in the segment, outranking all other mid-scale, full-service brands.
The Hilton Garden Inn is located at 530 West Pennsylvania Ave., Ft. Washington, PA.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
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