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Philly's Biggest Hotel Sells For Only $303.4M

Philly's largest hotel, the downtown Marriott sold for about $22 million less than sellers were looking for. Though the hotel will change hands, management, staff, and guest experience will remain the same.

It's possible that the low sale price for the hotel has to do with the lack of demand all Philly hotels are experiencing, a phenomenon often attributed to the Convention Center's poor performance. Though there are three new hotels in the works (the W Hotel, the Element Hotel, and the proposed Aloft Hotel), the hotels already on the scene say that more competition in the Philly hotel market will create too much competition for them to survive.
· Center City Philly's biggest hotel sold, cheap []