|
CRONHEIM MORTGAGE ARRANGES $15,000,000 FOR PHILADELPHIA STADIUM HOLIDAY INN
Philadelphia PA – David Turley and Frank Sullivan have arranged $15,000,000 in financing for the Philadelphia Stadium Holiday Inn. The loan carries a 10-year, interest only term.
The property is an 11-story high-rise hotel consisting of 238 guest rooms. It contains 158,630+ square feet of building area, including 12,000 square feet of meeting space divisible into 14 rooms. The property’s 8.91 acres contain over 500 parking spaces, which the hotel rents to fans on event days. The property’s restaurant and sports bar are popular venues for pre- and post-event gatherings on game and event days.
|
The
property is the only hotel located on the grounds of the Philadelphia Sports
Complex District and is within walking distance of the Citizen’s Bank Park, home
of the Philadelphia Phillies; Lincoln Financial Field, home of the Philadelphia
Eagles; and the Wachovia Center, home of the 76ers and the Philadelphia Flyers.
The hotel, originally a Hilton Hotel, was at one time one of the preeminent
hotels in Philadelphia and the lodging option of choice for sports teams and
performers entertaining at the adjacent sports/event venues. After the hotel
lost its Hilton flag and was converted into a Holiday Inn, it fell into a state
of disrepair. Cronheim’s clients acquired the hotel in 2003 and spent over $4
million to renovate its guest rooms and common areas in an effort to restore
much of the property’s old luster. Post renovation, the property captures demand
from business and leisure travelers to downtown Philadelphia, passengers and
flight crews from nearby Philadelphia International Airport as well as visitors
to the Sports Complex.
