Pearl Properties LLC of Philadelphia has paid $67 million for the 288-suite Embassy Suites Philadelphia hotel on the Benjamin Franklin Parkway.
Pearl plans upgrades including new restaurant spaces at the hotel, which had been renovated before the sale, the developer said in a release Monday. Space on the hotel’s ground floor is currently occupied by a branch of the TGI Fridays restaurant chain.
The Embassy Suites, at 1776 Benjamin Franklin Parkway, had been owned by LaSalle Hotel Properties. It was sold in connection with LaSalle’s acquisition by Bethesda, Md.-based Pebblebrook Hotel Trust, Pebblebrook said in a release.
The hotel is Pearl’s second, after its Cambria property on South Broad Street.