Philadelphia Hospitality Partners Sells Majority Interest of Ritz-Carlton Philadelphia

PHILADELPHIA — Philadelphia Hospitality Partners L.P. has sold a majority interest of the Ritz-Carlton Philadelphia to Carey Watermark Investors Inc. The 299-room hotel features 26,000 square feet of meeting space, two food and beverage outlets and the Richel D’Ambra Spa and Salon. The new owner plans to implement a comprehensive $21.3 million, or $71,000 per key, renovation of the property beginning in the third quarter. The Ritz-Carlton Hotel Company will continue to manage the property. Hodges Ward Elliott represented the seller in the transaction. Financial terms of the sale were not released.