PHILADELPHIA HOTEL BUSINESS. has learned that the Philadelphia (Downtown) Hawthorn Suites is on the block for $30 million.
According to a source, owner Michael Grasso of US Realty is looking to divest the 294-suite property in order to concentrate on his company s core competencies in commercial real estate development, such as shopping centers.
The property, a former garment-factory building at 1100 Vine St., is located within sight of the Pennsylvania Convention Center and is the only lodging asset in Grasso s portfolio.
The property was the site March 7 of a US Franchise Systems road show session for its Hawthorn and Microtel brands.
It was unclear if the new owners would maintain the brand on the unencumbered property. Douglas Billings of The Billings Group is handling the property sale.
Last year, the Philadelphia market added some 4,500 hotel rooms representing a 62% increase in rooms supply. (3/09/01) Stefani C. O Connor