USA, New York City, New York. February 22, 2024

RobertDouglas announced today that it advised Lixi Group on the sale of the 99-key Staybridge Suites Philadelphia/Mt. Laurel to Delco Development for $13.2 million. Andrew Broad, RobertDouglas managing director, made the announcement.

Sprawling across over four acres in Mount Laurel, New Jersey, the 99-room Staybridge Suites Philadelphia - Mt. Laurel is ideally situated on the southeast quadrant of the intersection of the New Jersey Turnpike and SR-73. A suburb of Philadelphia and part of the South Jersey region, the Mt. Laurel township is easily accessible to both the city of Philadelphia and the Jersey Shore off of Exit 4 of the New Jersey Turnpike.

The pet friendly hotel includes an on-site business center, a 24-hour marketplace, a fitness center, an indoor swimming pool, an outdoor multi-purpose sports court, and complimentary guest laundry machines. The hotel offers free appetizers and drinks during "social hour" between 5:30 PM and 7:00 PM Monday - Wednesday and daily complimentary breakfast.

Broad commented, "The property's excellent investment appeal includes its significant and growing cash flow and competitive position within its market. The hotel is also being delivered unencumbered of brand and management, so that its value can be optimized through a repositioning and renovation."

Andrew Heilmann, RobertDouglas Senior Vice President, commented, "This property continues to outperform its competitive set, within the booming South Jersey Upscale and Upper Midscale submarket, which made it attractive to the buyer. We thank the Lixi Group for entrusting this sale, as well as a recent portfolio refinancing, to RobertDouglas. They are a great business partner."