Ethika Investments Allocates Capital for Acquisition of Hilton Garden Inn
-- Investment marks Ethika's seventh capital allocation --
PHILADELPHIA, Oct. 17, 2013
PHILADELPHIA, Oct. 17, 2013 /PRNewswire/ --Ethika Investments, LLC, a
U.S.-based real estate private equity firm, has announced a capital allocation
for the acquisition of the Hilton Garden Inn located in Fort Washington,
Pennsylvania. The six-story hotel features 146 guestrooms and 3,350 square
feet of meeting space and amenities, including an indoor swimming pool,
business center, guest laundry facility and the brand's signature restaurant
and bar. This property marks the seventh investment from Ethika's Diversified
Opportunity Real Estate Fund.
The Hilton Garden Inn is positioned adjacent to the Fort Washington Office
Park which consists of nearly six million square feet of Class-A office space
and houses more than 100 companies such as GMAC/Ally, URS Corporation,
Honeywell, Verizon, FedEx and Johnson & Johnson. In addition, Greater
Philadelphia is home to approximately 20 Fortune 500 companies, including
AmerisourceBergen, Comcast, Aramark and Sunoco. The hotel offers convenient
access to the Interstate and SEPTA regional train station, which provides
transportation to the entire Philadelphia region.
"The Philadelphia market has exhibited strong recovery out of the downturn. We
will implement a $2.25 million property improvement plan, as well as bring in
a new management company to enhance the overall guest experience and further
drive future performance," said BJ Turner, Vice President Capital Markets for
"This investment displays an opportunity to acquire an institutional quality
asset in one of the nation's premier business parks at a significant discount
to replacement cost," said Andres Szita, Chairman & Co-Founder of Ethika
Strategically situated between the financial capital of the world (New York)
and the political capital of the world (Washington D.C.), the Greater
Philadelphia Statistical Area is the sixth largest metropolitan area in the
United States with a population close to 5.9 million. The Philadelphia
International Airport is easily accessible and is served by 30 airlines
offering nearly 600 daily departures to 120 cities, including 36 international
destinations and is UPS' second busiest hub facility.
The hotel is also close to several new developments in the area including: the
Valley Forge Casino Resort boasting 40,000 square feet of gaming tables and
slot machines, three restaurants and a nightclub; King of Prussia Mall, the
nation's largest retail shopping complex featuring more than 400 shops and 40
restaurants; and the Upper Dublin Township, which consists of several
community areas, many of which are unincorporated.
The Hilton Garden Inn is located at 530 West Pennsylvania Ave., Ft.
Ethika Investments is a real estate private equity firm formed to provide
investors access to a unique platform by tactically investing in opportunistic
real estate assets primarily in the United States. It is affiliated with
Laurus Corporation, a real estate investment and development company that
specializes in hotel & resorts, office buildings, multifamily and mixed-use
SOURCE Ethika Investments
Contact: Ethika Investments, Phone: +1-310-277-8600, Fax: +1-310-362-0353
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