$5.5 Million Raised for the Sheraton Society Hill, RealtyShares’ Largest Equity Raise to Date
The Sheraton Society Hill: A Milestone for RealtyShares
We are pleased to announce the closing of our single largest equity raise to date: a $5.5 million investment in the acquisition and redevelopment of the Sheraton Society Hill, a premier hotel located in downtown Philadelphia.
Four-time repeat sponsor Buccini/Pollin Group raised a total of $125 million for the acquisition of the historic hotel. As part of the project, the Buccini/Pollin Group worked with RealtyShares to fund $5.5 million in common equity through the RealtyShares platform.
The Sheraton Society Hill is a fixture in Philadelphia’s Center City and is located just blocks from some of the city’s top attractions, including Independence Hall and The Liberty Bell. The Buccini/Pollin Group intends to revamp the 364-key hotel with extensive renovations to guest rooms, public spaces, dining areas and meeting rooms. (article continues below)
“A Remarkable Asset in an Unmatched Location”
Dave Pollin, Co-Founder and Co-President of the Buccini/Pollin Group notes:
The Sheraton Society Hill is a remarkable asset in an unmatched location surrounded by numerous business and leisure demand generators, from the Liberty Bell and Independence Hall to Fortune 500 companies like Comcast and Aramark. We are in the advanced planning stages of a complete makeover of the hotel to upgrade the guest experience. In addition to improving both guest rooms and public spaces, we intend to change brand affiliations to better match and serve the surrounding community.
The hotel is currently franchised under the Sheraton flag, but the planned renovations will enable the hotel to transition to the Marriott brand, provide a better experience for guests, and more effectively compete with similar hotels in the area. Following the renovations, the Buccini/Pollin Group anticipates entering into a long-term franchise agreement with Marriott, a move that the company believes may further increase the property’s marketability and value when it is ultimately sold.
Prior to the Sheraton Society Hill project, the Buccini/Pollin Group raised a total of $13.4 million in equity investments through the RealtyShares platform for three hotels including the Sheraton DFW Airport Hotel in Irving, Texas, the Doubletree by Hilton Hotel in Wilmington, Delaware, and the Hilton Rialto Place in Melbourne, Florida.
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