Philadelphia 201 Hotel, Philadelphia, PA

PHILADELPHIA, PA—Cambridge Landmark, a hotel-focused private equity company, acquired the former Sheraton Downtown Philadelphia, a 757-room full service hotel located in Center City and two blocks from the Pennsylvania Convention Center from The Blackstone Group. Financial terms were not disclosed, but according to Real Capital Analytics, a proprietary research database that tracks commercial real estate  transactions, Blackstone has owned the property since 2011.

The hotel currently operates as the Philadelphia 201 Hotel under the Marriott reservation system. With the closing of this transaction, a new franchise agreement has been signed with Marriott International for the property to regain the Sheraton brand upon completion of a $28-million renovation focused on upgrading the rooms, creating new suites, enhancing the lobby and meeting space, and adding a new Sheraton Club Lounge.

“This acquisition demonstrates Cambridge Landmark's focus on ownership-driven hotel investment with assets in the largest US domestic markets,” says Pedro Miranda, managing partner. “This property holds great potential, with its premier location in one of the most vibrant cities in the United States. With the forthcoming renovations and refurbishments, we expect this hotel to drive long-term value, and be an integral part of the expanding Cambridge Landmark portfolio.”