Following a strong post-pandemic recovery, the longtime owners have put the 194-key Desmond Hotel Malvern up for sale to see what the market is like, writes Emma Dooling for the Philadelphia Business Journal.
The 37-year-old hotel was put on the market last week without a set asking price, but GVH Partners, the current owner, anticipates a sale price of at least $25 million.
According to Michael Chain, a partner in GVH Partners, the new owner would also have to undertake a property improvement plan for the hotel that would likely cost an additional $2 million.
The DoubleTree by Hilton-branded hotel will not close during the marketing process.
Desmond Hotel features over 20,000 square feet of meeting and event space, a fitness center, an indoor pool, and four tennis and pickleball courts, in addition to its guest rooms. Three restaurants round out the offerings: Fork & Bottle, Fox & Hounds Pub, and Sunset Grille.
After generating over $14.7 million in revenue last year, the hotel is projected to earn between $15.5 million and $15.8 million this year. This is compared to around $13.5 million the hotel generated in revenue in 2019, before the pandemic.
Read more about the Desmond Hotel going up for sale as without a set listing price in the Philadelphia Business Journal.
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