- SSN acquired Philadelphia Embassy Suites.
- It is near Philadelphia Airport.
- It offers 5,634 square feet of event space.
The hotel is near Philadelphia International Airport, Center City Philadelphia and major sports venues. Nearby demand sources include airport travel, universities, conventions and employers such as Boeing and the Philadelphia Navy Yard.
The six-story hotel spans 96,500 square feet on a 6.11-acre site and underwent renovations in 2017. Amenities include 5,634 square feet of meeting space, an indoor pool, a fitness center, an airport shuttle and parking, JLL said in a statement.
SSN, founded by CEO Peter Bhai and President Pinky Bhai, is based in Wilmington, Delaware.
“Embassy Suites Philadelphia is an excellent addition to our growing portfolio,” said Peter. “We see meaningful opportunities to further enhance the guest experience and build upon the hotel’s established market position while benefiting from the long-term growth drivers in the airport corridor.”
The transaction was facilitated by JLL director Vasilis Halakos.
Halakos said the hotel’s operating performance, all-suite format and location near the airport supported the deal.
The hotel was sold free and clear of management, giving the new owner flexibility in its operating strategy. The airport’s $2 billion modernization and limited scope for new hotel development in the area may support demand for the property, the statement said.
In April, JLL arranged a five-year refinancing loan for the 506-key Marriott Nashville Tri-Brand in downtown Nashville, Tennessee.
