LOS ANGELES–(BUSINESS WIRE)–Gehr Hospitality, a division of The Gehr Group (www.Gehr.com), announced the acquisition of the 129-room Hyatt Place, located in King of Prussia, PA, through a joint venture with Oakhurst Advisors, LLC. The acquisition was financed by Wells Fargo, and The Plascencia Group represented the seller. Ms. Thuong Luong and Ms. Molly Caccamo of Gehr Hospitality led the transaction on behalf of the Company.
“We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” said David Lifschitz, President and CEO of The Gehr Group, “and we welcome the addition of this property to our expanding hospitality portfolio.”
The hotel, fully renovated in 2018, is situated at the heart of King of Prussia’s affluent corporate office district, anchored by numerous Fortune 500 companies. The hotel is also surrounded by an array of tremendous leisure attractions, including the King of Prussia Mall (now the largest shopping mall in the United States), the Valley Forge National Historical Park, the Valley Forge Casino Resort, and a host of youth sports venues. In addition to the surrounding leisure attractions, the hotel’s immediate vicinity, Moore Park KOP, is home to more than 4,000 companies with over 20,000 employees. The city possesses the largest concentration of commercial office, industrial, and flex buildings in the Philadelphia suburban region, with more than 17 million square feet of space.
About Gehr Hospitality:
Gehr Hospitality (www.gehrhospitality.com), a wholly-owned subsidiary of The Gehr Group, is a hospitality-focused investment firm based in Los Angeles, California. Gehr Hospitality and its affiliates own a wide range of hotel, nightlife, residential, and commercial real estate assets throughout the United States.
Over the last five decades, The Gehr Group has established a successful track record, investing in and operating over $1 billion of hospitality, multifamily, office, retail, and industrial real estate properties, and creating substantial value through practical sourcing and hands-on asset management. The company is currently expanding its real estate portfolio through the acquisition and development of additional hospitality and multifamily real estate assets. Visit GehrHospitality.com to learn more.
About Oakhurst Advisors, LLC:
Oakhurst Advisors, LLC (“Oakhurst”) is an SEC-registered, Los Angeles-based investment advisor, founded in 2014, that advises real estate-related private funds, a mutual fund, and other pooled investment vehicles. Oakhurst real estate related equity funds include most classes of real estate, including, multi-family, retail, office, hospitality. Oakhurst real estate related debt funds have provided real estate secured debt financing for acquisition, construction, repositioning, and other business purposes, secured by most traditional classes of real estate.
Oakhurst’s real estate principals each have decades of experience managing risk and return in a variety of US real estate markets. Oakhurst has grown to more than $450 million in assets under management, divided among more than a dozen funds.