Synergy Hospitality awarded management of Hampton Inn Plymouth Meeting following recapitalization of hotel.
Wayne, Pa., January 21, 2016 – Synergy Hospitality announced the addition of the Hampton Inn Philadelphia/Plymouth Meeting to its growing 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 successful recapitalization by Versant Commercial Brokerage, Inc.
The Hampton Inn Philadelphia/Plymouth Meeting has 136 rooms and is ideally located at the crossroads of Interstate 476 and Interstate 76 in Plymouth Meeting, PA, providing easy access to Philadelphia and surrounding suburbs. Only a short distance to national corporate offices and featured attractions, such as Winterthur Museum & Gardens and Valley Forge National Park, Hampton Inn Philadelphia/Plymouth Meeting offers convenience and ease to all travelers.
“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, President of 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 $3,250,000 property improvement plan intended to enhance curb appeal, increase occupancy and meet the brand guidelines associated with Hampton Inn’s current design initiatives.
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,” stated Quinn Palomino, Principal of Versant and Clear Vista Management. “Excellent management is the key to a successful hotel and we are pleased to partner with them on this project.”
Please visit http://www.synergyhotels.com to learn more about Synergy Hospitality’s services.
About Synergy Hospitality
Based in Suburban Philadelphia, Synergy Hospitality manages extended-stay, limited-service and full service hotels throughout the Mid-Atlantic. Every decision made is based on increasing the value of our managed hotels. We believe the most critical element in enhancing the value of a hotel is to develop a passionate and motivated team that understands and lives by the core values we collectively maintain. Our experience proves how developing a successful culture leads to an extraordinary guest experience. For more information, please visit: http://www.synergyhotels.com/.