Current Yield with Participation Funds (CYwP Funds) announced today that Current Yield with Participation Fund III (Fund III) has invested in a portfolio of four hotels and a standalone, occupied building. One hotel is located in North Carolina; the other hotels and the standalone building are located in Pennsylvania.
The Sheraton Raleigh, in Raleigh, North Carolina, has 353 rooms. Recent renovations include improving the public spaces, reorienting the lobby, adding a coffee shop to the restaurant and renovating the Concierge Lounge. The next phase of renovation will include the guestrooms, corridors, function space and fitness center.
Omni at Independence Park
The Omni at Independence Park in Philadelphia, Pennsylvania has 150 rooms. The hotel will be rebranded, which will include updating the lobby/lounge/restaurant space as well as renovating the guestrooms, corridors and fitness center.
Crowne Plaza King of Prussia
The Crowne Plaza King of Prussia in King of Prussia, Pennsylvania has 226 rooms. Recent renovations modernized all guest bathrooms. Additional renovations will include selectively updating guestroom soft goods, meeting rooms and function spaces as well as reconfiguring the lobby/restaurant space.
Fairfield Inn King of Prussia
The Fairfield Inn King of Prussia in King of Prussia, Pennsylvania has 80 rooms. All areas of the hotel will be renovated. The lobby work will include expanding the existing breakfast room as well as installing a second elevator tower.
The 44,000 square foot retail building adjacent to the Crowne Plaza King of Prussia and the Fairfield Inn King of Prussia will be renovated and leased.