Ethika Investments, LLC Announces Disposition of Award Winning Hilton Garden Inn Philadelphia/Ft. Washington
PHILADELPHIA, May 22, 2017 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate private equity firm and SEC Registered Investment Advisor, is pleased to announce that an investment fund managed by Ethika has sold its interest in the Hilton Garden Inn Philadelphia/Ft. Washington hotel.
Acquired by the investment fund in 2013 in conjunction with sponsor Laurus Corp., the hotel benefitted from an allocation of capital as part of Ethika's overall strategy of investing in institutional quality, value-add office, retail and hospitality properties in the Top 30 MSAs in the U.S. Ethika and the sponsor coordinated to execute a value enhancement strategy for the 146-room hotel, which included a $2.5 million targeted renovation to public spaces and guest rooms, selection of a new management company, focused efforts to raise RevPAR, and strategic marketing bringing up guest satisfaction – winning Trip Advisor's Certificate of Excellence 2013, 2014, 2015 and Aimbridge Hospitality's Presidential Award for RevPAR Growth 2013, 2014, 2015. This successful strategy culminated in the eventual sale of the hotel for $22.5 million dollars.
"This successful disposition underscores our strategy of investing in ideally located value-add assets in dynamic and flourishing markets around the U.S.," said Austin Khan, Chief Investment Officer of Ethika Investments. "Through a diligent application of the value-add strategy by our affiliate, Laurus Corp. this hotel moved from an opportunistic investment to stabilization and sale to a core investor."
ABOUT ETHIKA INVESTMENTS, LLC
Ethika Investments, LLC is an SEC registered investment advisor specializing in tactical investment in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corp., a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.
This press release does not constitute investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. Please be advised that SEC registration does not imply a certain level of skill or expertise. This press release, together with other statements and information publicly disseminated by the Company, may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements.
SOURCE Ethika Investments, LLC
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