Spruce Hotel Corp. has sold the PSH to the Wankawala Organization, which has experience of managing the building in question. It could now use brochure printers in Turnersville to make people aware of the new position.
Executive Mihir Wankawala has told the Philadelphia Business Journal:
“Our intention was always to make it a nice hotel. That’s what we do and that is our business.”
During 2010, the Wankawala Organization had aspired to renovate the structure. However, the economic climate at the time meant that plans were put on hold.
The hotel has had an up-and-down history. Constructed during 1929, it initially enjoyed a positive reputation. However, in the course of the 1960s the establishment lost some of its attractiveness. Last year, a small blaze caused some damage and prompted a temporary closure of the building.
The aim is for the PSH to emerge from the new process as a high quality place to stay, with the goal of the project being that the hotel should have a minimum of three stars. It is envisaged that the structure will feature in the region of 110 rooms when all the work is completed on it in a year or so.