DoveHill and Wurzak Hotel Group Acquire the Hyatt Place King of Prussia, Pennsylvania
PHILADELPHIA, PA. May 11, 2016 - DoveHill and Wurzak Hotel Group announce today that the combined venture has acquired the Hyatt Place King of Prussia hotel, expanding its growing vertically integrated investment platform. Wurzak Hotel Group assumed management of the Hyatt Place and adds this hotel to its Philadelphia portfolio now consisting of five hotels in the region. The 129-room Hyatt Place hotel was built in 2010 and the new ownership plans to immediately implement property wide upgrades with significant enhancements to the lobby, bar and fitness center and guest rooms.
"The high quality, well located Hyatt Place Hotel embodies the type of strategic investment that we seek in our target markets, and the hotel will benefit from our deep knowledge and reputation in Philadelphia. We will immediately put plans in place to improve and upgrade the property and make it a top performer in our portfolio. Through our aggressive entrepreneurial and hands-on approach to management we will reposition the asset to leverage the strong demand in the vibrant King of Prussia region. The acquisition demonstrates our conviction to seek out value-add opportunities in highly strategic markets throughout the country and provide outsize risk-adjusted returns for our investors," stated Jake Wurzak, DoveHill's Founder and Managing Member.
The Hotel is located in the heart of the vibrant 24/7 live, work, play King of Prussia Market which is home to many of the world's top pharmaceutical companies, the largest retail mall in the country, and ranked as one of the top places to live for young professionals.
"We are excited to add the Hyatt Place King of Prussia to our growing portfolio. The significant and ongoing development in King of Prussia's entertainment, retail and office sectors have created strong hotel demand. With our upcoming enhancements to the hotel we intend on capitalizing on this growth in an impactful way," stated Eric Davies, Chief Operating Officer of the Wurzak Hotel Group.
The acquisition of the Hyatt Place follows DoveHill and Wurzak Hotel Group's announcement that they are developing a 323 room dual brand Starwood Tribute Portfolio and Element by Westin hotel in Fort Lauderdale, Florida.
About DoveHill
DoveHill is an independent real estate investment company founded in 2010 by Howard Wurzak and Jake Wurzak. Howard and Jake collectively have 50 years experience in underwriting, acquiring, redeveloping, developing and repositioning of real estate Projects. For the past 17 years their focus has been the hospitality sector and they have demonstrated an ability to excel using a low cost-basis, value- enhancing, institutional-quality approach to the development of hotel projects. DoveHill has an extensive locally based infrastructure and a network of professionals which allow them to create compelling investment opportunities in the hospitality sector by developing and repositioning deals at a cost basis below the competition. DoveHill benefits from the unique reputation enjoyed by it's associated company, Wurzak Hotel Group, and uses the company to provide guidance in underwriting and strategy and also to develop and manage the hotel Projects.www.dovehillcos.com
About Wurzak Hotel Group
The Wurzak Hotel Group ("WHG") is a Philadelphia and Fort Lauderdale based, vertically integrated owner, developer and manager of premium branded full service, extended stay and focus-service hotels. WHG's core expertise is its unique ability to develop and operate hotels and food and beverage outlets in an entrepreneurial manner maximizing returns on the investment and developing long term relationships with guests. WHG gains its competitive advantage by developing talent within the organization who embody the same entrepreneurial spirit of our leadership team and who seek to create value through tireless innovation and a tight focus on the operational details. Led by Howard Wurzak and Jake Wurzak, Wurzak Hotel Group has a proven track record of developing and managing hospitality assets for over 35 years and continues to be recognized as one of the regions top hospitality companies. WHG has successfully managed properties through two real estate downturns and understands what it takes to be profitable through up and down business cycles. With a long history as a successful owner, developer and operator of high quality branded hotel assets we always build like owners and manage like owners - because we are owners.www.wurzakhotelgroup.com
Contact:
Jake Wurzak
215-689-0245
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