Cronheim Mortgage Arranges $22M Acquisition Loan for Doubletree Hotel Near Philadelphia

PLYMOUTH MEETING, PA. — New Jersey-based Cronheim Mortgage has arranged a $22 million loan for the acquisition of a Doubletree Suites hotel in Plymouth Meeting, a northern suburb of Philadelphia. The borrower, Kingsbury Hospitality REIT, plans to renovate the property and rebrand it as an Embassy Suites. An undisclosed balance sheet lender provided the loan. Kingsbury has tapped Newport Hospitality Group to manage the asset.