Buccini Pollin Group is surrendering two King of Prussia hotels to lenders as loan maturity and slow recovery weigh on the properties.
After years of trying to weather a tough hotel market, Wilmington-based Buccini Pollin Group is surrendering two King of Prussia hotels to its lenders, writes Emma Dooling for the Philadelphia Business Journal.
The firm is handing over the keys to the Crowne Plaza Philadelphia King of Prussia and the Fairfield Inn Philadelphia Valley Forge/King of Prussia, both located right next to the King of Prussia Mall. Together, the hotels offer 306 rooms — but a slow pandemic recovery and rocky capital markets have made it tough to keep up with the $32.5 million loan balance due in June…