With the purchase of another hotel, real estate company Buccini/Pollin Group increased its presence in Philadelphia’s hospitality industry, particularly in Old City, which its co-founder said is the “most compelling” part of a city.
Investments by BPG — which has offices in Wilmington, Del., Washington, D.C., Philadelphia and Baltimore — include over 40 hotels, and it first entered the Philadelphia market in 2015 when it acquired the Renaissance Philadelphia Downtown Hotel, formerly the Omni.
Investments also include 6 million square feet of office and retail space, 10 residential communities and multiple entertainment venues, including the Talen Energy Stadium, home of the Philadelphia Union soccer team.
The Sheraton property is the latest in a string of hotel buys for the real estate company, which in 2015 also bought two hotels in King of Prussia, Pa.
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