Haverford Hotel Group buys hotel in Philadelphia suburb

Argosy Real Estate Partners III and its parallel funds have sold its interest in Holiday Inn Express & Suites Fort Washington in Fort Washington, Pa., to its co-investor and operating partner, Haverford Hotel Group/Haverford Properties, an experienced local hotel owner and operator whose portfolio includes select-service hotels under the InterContinental Hotels Group and Hilton brands.

The property is situated near the junction of Interstates 276 (Pennsylvania Turnpike) and 476 within an infill suburban submarket in the Philadelphia MSA. 

The partnership completed a redevelopment of an obsolete full-service Holiday Inn hotel into a 168-room select-service Holiday Inn Express & Suites. The hotel’s eight-story concrete structure was gutted, downsized, renovated and repositioned to InterContinental Hotels Group’s p