PCCP Helps Arden Group Refinance Doubletree Suites Philadelphia West

DoubleTree Suites Philadelphia West, 640 Fountain Road, Plymouth Meeting, PA

PLYMOUTH MEETING, PA— New York-based PCCP provided a $30.8 million senior loan to Arden Group, a Philadelphia-based, vertically integrated real estate fund platform, to refinance DoubleTree Suites Philadelphia West , a full-service 253-key hotel located 15 miles northwest of Philadelphia in Plymouth Meeting, PA. Located at 640 Fountain Road , the hotel is within the Plymouth Meeting Executive Campus office park three miles from IKEA’s US corporate headquarters. “ PCCP has completed several loans with Arden over the past 18 months – two of which are Florida hotels including Tampa InterContinental and Hilton University of Florida, Gainesville ,” says John Randall , PCCP managing director. “We are pleased that we once again have the opportunity to lend to an experienced owner and operator known for its legacy of successfully adding value to high profile properties.” Built in 1987 and situated on 7.9 acres, the DoubleTree Suites was recently renovated with upgrades to the lobby, restaurant, bar, guest suites, and elevators, as well as other cosmetic upgrades. The first floor includes the hotel’s main entrance and lobby, two food and beverage locations, 8,100 square feet of meeting space in five meeting rooms, fitness center, and indoor swimming pool. The guestrooms include 195 king suites, 53 double-double suites, and five conference suites. Guest parking for 364 vehicles surrounds the hotel.