Center City Hotel Sells for Nearly $100 Million

A Center City hotel has been purchased by an Orlando, Fla.-based hotel and resort company.

The 230-room Hotel Palomar at 117 S. 17th St. has been purchased by Xenia Hotels & Resorts for $97 million, according to Philadelphia property records. The sale also includes its restaurant Square 1682.

Xenia (NYSE: XHR) announced in late July that it would acquire the Palomar in a three-hotel deal for $245 million, including the 84-room RiverPlace Hotel in Portland, Oregon, and the 97-room Canary Hotel in Santa Barbara, California.

All three properties will continue to be managed by Kimpton Hotels & Restaurants, which has managed RiverSide and Canary since 2012 and the Palomar since it opened.

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