A joint venture of Carey Watermark Investors and Philadelphia Hospitality Partners have bought a majority stake in Ritz-Carlton Philadelphia.
The 299-room hotel is located in the central business district of the city and is adjacent to City Hall.
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The hotel will undergo a $21.3m renovation, which will commence in the third quarter of 2015 and will last until the second quarter of 2016.
Renovation will be carried out in most parts of the hotel including the lobby, meeting space, ballroom, corridors, rooms and club lounge.
Ritz-Carlton Philadelphia features 26,000ft² of meeting and banquet space, which includes a 6,100ft² grand ballroom.
In addition, the hotel has a Richel D’Ambra Spa & Salon, a fitness center and a business center.
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By GlobalDataThe venture is planning to seek help from a third-party food and beverage operator for the re-concepted restaurant and lounge.
Though the Carey Watermark and Philadelphia Hospitality joint venture will own most of the stake, the hotel will continue to be managed by the Ritz-Carlton Hotel Company.
The hotel is an affiliate of Marriott International. It will use Marriott’s management platform affiliation, including the Ritz-Carlton Rewards programme and access to its global distribution system.
Carey Watermark Investors CEO Michael Medzigian said: "The joint venture investment in the Ritz-Carlton Philadelphia allowed us to add a high-quality landmark hotel to the Carey Watermark Investors portfolio.
"The acquisition of an institutional-grade, luxury hotel in an established city center location, in combination with the strength of the Ritz-Carlton brand, represents a unique and attractive opportunity as we continue to build out our portfolio."
Image: The Ritz-Carlton Philadelphia. Photo: courtesy of PR Newswire.
