The hotel is in an historic landmark building just three blocks from the Pennsylvania Convention Center. It has 20,000 sf of meeting space, two restaurants and two lounges.

Philadelphia's Ritz Carlton "has significant upside potential," said Gemstone principal Jeff McIntyre. "We look forward to working again with the Ritz Carlton brand and management team and helping ownership to maximize the full potential of this great asset."

Gemstone once handled asset management of the Ritz Carlton Rancho Mirage in California for a former owner, Olympus Real Estate Partners. It currently manages two Arden Group properties - The Savoy on South Beach in Miami, and the Omni Colonnade in Coral Gables, FL.Gemstone will provide master planning, help set strategic direction of the Ritz asset, and help maximize day-to-day profitability. It specializes in managing and asset managing upscale and luxury hotels and resorts. The Ritz assignment here is its third new assignment within the past 60 days and its 11th in the past 14 months.