The Blackstone Group has sold the former Sheraton Downtown Philadelphia, a 757 key full service hotel from to Cambridge Landmark. Financial details were not disclosed.

The property currently operates as Philadelphia 201 Hotel. It will regain the Sheraton brand following a $28 million renovation, as part of a new franchise agreement with Marriott International. Renovation plans include upgrading guest rooms, creating new suites, and developing lobby and meeting space. In addition, a new Sheraton Clup Lounge will be added to the property.

Pedro Miranda, managing partner, said, “This acquisition demonstrates Cambridge Landmark’s focus on ownership driven hotel investment with assets in the largest U.S. domestic markets. This property holds great potential, with its premier location in one of the most vibrant cities in the U.S. 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.”

The property is located in Center City. Besides, it is within walking distance to Love Park. The property has 58,000 square feet of versatile event space, an indoor swimming pool, a fitness center as well as restaurant and lounge space.

Source: CP Executive

Fulya Altunyay/ [email protected]