The Philadelphia airport hotels aren't marquee properties in Starwood's quiver, but the latter's willingness to put the hotels up for sale speaks to the desire for hotel companies to rid themselves of real estate and focus on management.
Starwood Hotels & Resorts Worldwide, Inc. is selling its trio of hotels near Philadelphia International Airport.
The complex includes the 251-room Sheraton Suites Philadelphia Airport Hotel, the 177-room Four Points by Sheraton Philadelphia Airport and Aloft Philadelphia Airport with 136 rooms — 564 rooms combined.
Simon Turner, president of global development for Starwood, said Friday: “Starwood continues its systematic pursuit of an asset-light strategy by selling hotels to owners who share our vision for each property. We are fortunate to have a quality portfolio of owned assets in a number of high barrier-to-entry markets.
“With continuing improvements in hotel industry fundamentals, historically low interest rates and improving capital markets conditions, we’ve seen a meaningful increase in buyer interest . . . .”
The airport complex joins the Philadelphia Marriott as significant properties for sale. A spokesman confirmed earlier this month that the Downtown Marriott, with 1,408 rooms, is looking for a buyer.
Peter Tyson, vice president of PKF Consulting USA, which tracks the region’s hospitality industry, said the airport complex obviously benefits from its location.
” is excellent in terms of capturing demand generated by the airport and from the surrounding area,” Tyson said in an e-mail. “The airport is responsible for a significant number of room-nights: distressed passengers; passengers with early morning flights preferring to spend the trip’s eve near the airport; airline crews; in-transit passengers with their second-leg flights the following day; and groups preferring to meet near the airport for ease of travel.
“Further, there are many companies in southwestern Philadelphia and Delaware County that generate demand for hotel rooms.”
(c)2013 The Philadelphia Inquirer. Distributed by MCT Information Services.
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