Gehr Hospitality plans to acquire the 129-room Hyatt Place in King of Prussia through a joint venture with Oakhurst Advisors LLC.
The hotel, fully renovated in 2018, is situated at the heart of King of Prussia’s affluent corporate office district. Gehr Hospitality is a subsidiary of Los Angeles-based investment firm The Gehr Group, which owns a wide range of hotel, nightlife, residential and commercial real estate assets throughout the United States.
“We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” Gehr Group CEO David Lifschitz said in a statement, “and we welcome the addition of this property to our expanding hospitality portfolio.”
The acquisition was financed by Wells Fargo, and The Plascencia Group represented the seller. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction on behalf of the company.
Oakhurst Advisors LLC 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. It has grown to more than $450 million in assets under management, divided among more than a dozen funds.