Credit: Google Maps Street View
After being severely damaged by a hurricane and closed for almost two years, the Hilton Garden Inn on Pennsylvania Avenue in Fort Washington is now open for comfort as a Baywood Hotel, according to Philadelphia Business Journal.
The Maryland company purchased the 146-room HGI Ft. Washington for $11.05 million last year from Ft. Washington Hospitality Partners LLC, according to county property records and the PBJ. The prior owners lost at least $11 million on the sale, having purchased it for $22.5 million in 2017, per county records.
In February, Baywood Hotels LLC Regional Manager of Operations Teri Tarshus wrote on LinkedIn that the LLC is “very excited to share our renovations with the community and turn the page for HGI Ft. Washington’s next chapter.”
The hotel was built in 1964 and went under a $2 million property improvement plan renovation in 2020, per the article.
According to the report, Ft. Washington Hospitality Partners LLC converted an original $16.66 million loan on the property into a commercial mortgage-backed security and sold off to investors. Then, two months later, the loan became delinquent and then foreclosure followed in 2021, according to the report.
Read more on the new hotel here.
