WAYNE, PA—Synergy Hospitality has added the Hampton Inn Philadelphia/Plymouth Meeting to its hotel management portfolio. This marks the third Hampton Inn and fifth Hilton branded hotel under Synergy Hospitality’s management. The company was awarded the management contract after the hotel’s recapitalization by Versant Commercial Brokerage, Inc.
The Hampton Inn Philadelphia/Plymouth Meeting offers 136 rooms and is located at the crossroads of Interstate 476 and Interstate 76 in Plymouth Meeting, PA, providing access to Philadelphia and surrounding suburbs. The property is nearby national corporate offices and attractions such as Winterthur Museum & Gardens and Valley Forge National Park.
“We are excited to add this strategically located and strong performing asset to our portfolio and continue our partnership with Versant and Clear Vista Management,” said Stephen Field, CEO, Synergy Hospitality. “We have had great success with Hampton Inn and other Hilton brands and we are confident that this will be a successful addition for our company.”
Versant recapitalized the hotel and assisted the tenant-in-common investors by originating new senior debt; syndicating new capital for the mezzanine financing; and utilizing Internal Revenue Code Section 721 to roll up the TIC structure into an LLC on a tax-deferred basis. As part of the restructuring, the hotel will undergo a $3.25-million property improvement plan intended to enhance curb appeal, increase occupancy and meet the brand guidelines associated with Hampton Inn’s current design initiatives, according to the company. The tenant-in-common investors also opted to replace their former asset manager and sponsor, and selected Clear Vista Management and Virtua Partners, respectively.
“Synergy Hospitality brings innovation and a great deal of experience to us as a hotel operator,” said Quinn Palomino, principal, Versant and Clear Vista Management.