Hodges Ward Elliott (“HWE”) is pleased to have represented Philadelphia Hospitality Partners, L.P., in the sale of a majority interest in the Ritz-Carlton Philadelphia (the “Ritz-Carlton”) to Carey Watermark Investors Incorporated. The 299-room Ritz-Carlton features 26,000 square feet of meeting space, two food and beverage outlets and the Richel D’Ambra Spa and Salon. The new owner plans implement a comprehensive, $21.3 million ($71,000/key) renovation of the Ritz-Carlton beginning in Q3 2015. The hotel will continue to be managed by The Ritz-Carlton Hotel Company.
HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients. Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe including nearly $2 billion since January 1, 2015.