The Le Meridien hotel in Center City Philadelphia has been acquired by New York investment firm, Certares Management LLC, writes Emma Dooling for the Philadelphia Business Journal.

The firm specializes in the travel, tourism, and hospitality sectors, and purchased the property for $32.7 million from Chicago-based real estatement investment trust, Walton Street Capital.

In addition to its ownership change, the hotel may also undergo a management change.

The Pennsylvania Liquor Control Board system currently shows a pending liquor license for the Le Meridien registered to Philadelphia-based Hersha Hospitality Management, which operates more than 235 hotels in the U.S. and Canada.

Certares and Hersha have an investment partnership in which the two entities jointly purchase hotels.

Le Meridien Philadelphia is 10 stories tall and was constructed in the Georgian Revival style in the early 20th century by renowned Philadelphia architect, Horace Trumbauer.

Originally a YMCA community center, the property was redeveloped into a hotel as an adaptive reuse project in 2010.

In addition to its 202 rooms, Le Meridien Philadelphia also features 9,000 square feet of event space and a central atrium courtyard.

This is the 11th hotel Certares has invested in since its 2021 launch and its first in Greater Philadelphia.

Read more about Le Meridien hotel’s new ownership at the Philadelphia Business Journal. 

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