The combined venture of DoveHill and Wurzak Hotel Group has completed acquiring the Hyatt Place King of Prussia hotel.
Wurzak Hotel Group has assumed management of the Hyatt Place
The acquisition will take Wurzak Hotel Group’s current portfolio to five hotels in Philadelphia.
The Hyatt Place King of Prussia hotel consists of 129 rooms and was established in 2010.
It is located at the centre of King of Prussia Market, which houses many of world’s leading pharmaceutical companies, as well as the largest retail mall in the country.
DoveHill founder and managing member Jake Wurzak said: "The high quality, well located Hyatt Place Hotel embodies the type of strategic investment that we seek in our target markets, and the hotel will benefit from our deep knowledge and reputation in Philadelphia.
"We will immediately put plans in place to improve and upgrade the property and make it a top performer in our portfolio.
"Through our aggressive entrepreneurial and hands-on approach to management we will reposition the asset to leverage the strong demand in the vibrant King of Prussia region.
"The acquisition demonstrates our conviction to seek out value-add opportunities in highly strategic markets throughout the country and provide outsize risk-adjusted returns for our investors."
DoveHill and Wurzak Hotel Group have also unveiled their plans to develop a 323 room dual brand Starwood Tribute Portfolio and Element by Westin hotel in Fort Lauderdale, Florida.