PHILADELPHIA— The 288-suite Embassy Suites Hotel Philadelphia-Center City is now in the hands of HEI Hospitality following its acquisition for an undisclosed price. HEI made the purchase under its recently formed $425-million HEI Hospitality Fund II, which is a discretionary equity investment vehicle. This is the fund’s fourth acquisition and keeps HEI on target to buy approximately $1.5 billion in hotels during the next three years. Located at 1776 Benjamin Franklin Parkway, the 28-story hotel will be operated by HEI subsidiary Merritt Hospitality. A multi-million renovation was recently conducted at the property that involved its exterior and lobby. Nevertheless, HEI plans on investing another $10 million in the renovation of the hotel’s guestrooms. The asset features 4,000 square feet of meeting space, a fitness center, a business center, a complimentary breakfast and an evening manager’s reception with snacks and beverages.
