Laurus Corporation Unveils Multi-Million Dollar Property Refresh Of Hilton Garden Inn Philadelphia/Fort Washington
Significant repositioning includes upgrades to all 146 guest rooms and public spaces
Jul 29, 2015, 09:00 ET
LOS ANGELES, July 29, 2015 /PRNewswire/ -- Real estate investment and development firm Laurus Corporation announced today the completion of a multi-million dollar repositioning of the Hilton Garden Inn Philadelphia/Fort Washington. The complete refresh comes on the heels of the company's acquisition of the city's premier select service hotel in 2013, marking the next chapter in the hotel's successful history. The enhancements have been well received by guests, with the hotel experiencing a spike in occupancy rates in recent months.
Ideally located only 15 miles north of downtown Philadelphia along the Pennsylvania Turnpike business corridor, the six story upscale select-service hotel features 146 purposefully refreshed guestrooms, tailored to meet the needs of today's business traveler. The rooms are the largest available in the market, and the updated spaces now feature new carpets, modern furniture and fixtures, new beds, completely refreshed guest bathrooms, thoughtfully-curated artwork and improved lighting.
In addition to extensive guestroom upgrades, Laurus also completed significant enhancements to the lobby, meeting space totaling 3,350 square feet, and also updated the adjacent spacious outdoor courtyard with ample seating areas and an outdoor fire pit, creating an appealing central gathering space with direct hotel access for small and large-scale meetings and events.
"The acquisition of the Hilton Garden Inn Philadelphia/Fort Washington provided an opportunity for Laurus to step in and extract maximum revenue potential of an extremely well-located hotel with a strong brand affiliation that is now thriving near the flourishing downtown Philadelphia area," said Andres Szita, Chairman and co-founder of Laurus Corporation. "The reinvigorated hotel better serves the needs of our guests and meets the demands of corporate and leisure travelers' highly-connected personal and professional lives. Already, we are seeing immediate increases in revenue and most importantly, improved guest satisfaction."
The Hilton Garden Inn Philadelphia/Fort Washington features many unique amenities including the brand's signature restaurant, The Great American Grill and The Pavilion Lounge. The property also features an indoor swimming pool, fitness center, business center and complimentary Wi-Fi in the guestrooms and public areas, providing a best-in-class guest experience.
The property upgrades serve the strong corporate demand in the Philadelphia area, especially given its close proximity to notable corporate tenants including Johnson & Johnson, Lockheed Martin, Aetna and three major corporate office parks: Fort Washington Office Park, Willow Grove Office Park and Metroplex Corporate Center in Plymouth Meeting. The local market is also seeing significant investment, including the highly-anticipated reopening of the Fort Washington Expo Center in 2016 and the development of the 113,000 square-foot Life Time Fitness facility adjacent to the hotel.
About Laurus Corporation
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1 billion in assets under management, 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. The company was founded in 1999 by Andres and Jean Paul Szita, and is affiliated with Ethika Investments, LLC, a real estate private equity firm. www.lauruscorporation.com
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SOURCE Laurus Corporation