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Carl Marks Sells Comfort Inn Valley Forge

KING OF PRUSSIA, PA-An unidentified area hotel operator pays about $10 million for the 121-room asset, built in the late 1980s.

By Marita Thomas | Updated on September 07, 2006

KING OF PRUSSIA, PA-New York City-based Carl Marks Real Estate Group has sold the Comfort Inn at Valley Forge to an unidentified area hotel operator. The ballpark estimate is the asset went for $82,645 per key.

The price is undisclosed, but Martin Schiffman, managing director of the seller’s parent company, the Carl Marks & Co., Inc. investment firm, tells GlobeSt.com, it was “solidly in the $10-million range.”

Prior to the hotel’s construction, the Route 202 site contained an office building that had been destroyed by fire. In the mid-1980s, when King of Prussia had a building moratorium due to lack of sewer capacity, Carl Marks acquired the land in joint venture with Chicago-based Lodging Unlimited, headed by Morris Lasky. The parcel had sewer capacity and was therefore available for replacement development. The JV constructed the hotel in the late 1980s.

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