Strategic Acquisition: CTR Hotels Secures Plymouth Meeting Hospitality Asset

New Jersey-based CTR Hotels has purchased the 199-room Springhill Suites in Plymouth Meeting for $5.9 million, ending a period of lender-related uncertainty.

By: AXL Media

Published: Apr 6, 2026, 10:52 AM EDT

Source: MoreThanTheCurve

The Transaction and Property Overview

The Springhill Suites, located at 430 Plymouth Road, was sold by Ashford Plymouth Meeting LP to two entities managed by CTR Hotels of New Jersey. Tushar Shah, the founder and CEO of CTR Hotels and president of Laurel Lodgings, confirmed the acquisition for a total price of $5,965,700. The eight-story facility, constructed in 2001 and last renovated in 2012, remains a significant player in the local suburban market with 199 guest rooms and over 2,100 square feet of dedicated event space.

Regulatory and Competitive Landscape

The sale follows a 2023 announcement from Ashford Hospitality Trust indicating that the Plymouth Meeting location, along with several other properties in its national portfolio, would likely be surrendered to lenders. This "deed-in-lieu" or lender-handover process is often the result of shifting market dynamics and debt restructuring. By acquiring the asset now, CTR Hotels has navigated a complex distressed-asset environment to secure a well-established brand in a high-demand commercial corridor near the intersection of I-476 and the Pennsylvania Turnpike.

Strategic Rationale and Market Impact

For CTR Hotels, the acquisition represents a strategic expansion into the Pennsylvania market with a "flagged" property—a hotel that carries a recognized brand name like Marriott. Tushar Shah confirmed that the hotel will continue to operate under the Springhill Suites banner, ensuring continuity for existing corporate accounts and travelers. This move allows the new operator to leverage Marriott’s global reservation system while implementing localized management efficiencies typical of regional owner-operators.