Oaktree Capital and Clearview Hotel Capital are acquiring the 1,408-room Philadelphia Marriott Downtown from Host Hotels & Resorts for a price reportedly between US$300-$310 million, according to the Real Estate Report, which would make it the priciest hotel deal in the city’s history.
In 2011, Host finished a US$54 million renovation, which coincided with a US$786 million expansion of the adjoining Pennsylvania Convention Center, which increased its space by 60% to 1 million square feet.
Within the last 18 months, Host completed four transactions totaling US$445 million, including the US$293 million trade of the 1,663-room Marriott Marquis in Atlanta to Abu Dhabi Investment Authority.
Oaktree, a Los Angeles fund operator, and Clearview, a Newport Beach, California, investment firm, last teamed up in 2011 to acquire the 387-room Renaissance Concourse Atlanta Airport Hotel, according to Real Estate Report.