DoveHill Capital Management completes investment in dual-branded Philadelphia property
DoveHill Capital Management announced today its investment in the Hilton Philadelphia City Avenue and Homewood Suites Philadelphia City Avenue.
Together, this is a 329-key, institutional dual-branded hotel with a highly efficient operating model. The Hilton and Homewood Suites operate as one property, sharing 26,000 square feet of meeting space and 1,300 parking spaces. These synergies result in a model that delivers strong results, as evidenced by the hotel's historical and in-place cash flows. The properties will be managed by DoveHill's vertically integrated hospitality management company, The Wurzak Hotel Group.
The Hilton was built in 2000 and was fully renovated in 2016, while the Homewood Suites was built in 2005 and fully renovated in 2022. The properties have benefited from more than $10 million in capital investment since 2015. DoveHill plans to strategically invest in guest-facing, ROI-driven capital projects and provide targeted improvements to build upon t