PHILADELPHIA, Oct. 17, 2013 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate private equity firm, has announced a capital allocation for the acquisition of the Hilton Garden Inn located in Fort Washington, Pennsylvania. The six-story hotel features 146 guestrooms and 3,350 square feet of meeting space and amenities, including an indoor swimming pool, business center, guest laundry facility and the brand's signature restaurant and bar. This property marks the seventh investment from Ethika's Diversified Opportunity Real Estate Fund.
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 and houses 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.
"The Philadelphia market has exhibited strong recovery out of the downturn. We will implement a $2.25 million property improvement plan, as well as bring in a new management company to enhance the overall guest experience and further drive future performance," said BJ Turner, Vice President Capital Markets for Ethika Investments.
"This investment displays an opportunity to acquire an institutional quality asset in one of the nation's premier business parks at a significant discount to replacement cost," said Andres Szita, Chairman & Co-Founder of Ethika Investments.
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 is the sixth largest metropolitan area in the United States with a population close to 5.9 million. 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.
The Hilton Garden Inn is located at 530 West Pennsylvania Ave., Ft. Washington, PA.
Ethika Investments is a real estate private equity firm formed to provide investors access to a unique platform by tactically investing in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.
SOURCE Ethika Investments