Concord Hospitality has secured a roughly $30 million loan to refinance the existing note on the Alloy King of Prussia – a DoubleTree by Hilton in Pennsylvania. The loan was arranged by Cronheim Hotel Capital and Beau Williams, senior managing director, and Drew Gilligan, director. The Alloy Hotel was relaunched by Concord Hospitality Enterprises Company in 2023 after an $18.5 million renovation and repositioning.
“In a competitive credit environment marked by stricter lending profiles, we partnered with a sponsor-friendly lender to deliver a strong execution with favorable terms,” William said in a statement. “The deal was anchored by experienced sponsorship and solid in-place performance. Credit was drawn to the institutional-quality asset and its positioning within a core submarket outside of Philadelphia.”
Concord Hospitality repositioned The Alloy as a lifestyle hotel with 327 renovated guestrooms, 60 of which are suites. The hotel huas over 25,000 square feet of conference and event space, a Precor fitness center with Peloton bikes, free guest parking, an outdoor patio for dining and lounging, as well as a seasonal outdoor pool.