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PHILADELPHIA'S BARCLAY HOTEL FOR SALE VIA SEALED BID

 PHILADELPHIA, Nov. 16 /PRNewswire/ -- The Barcley Hotel, a landmark Philadelphia property at 237 S. 18th St. on Rittenhouse Square in Philadelphia, will be offered through a sealed bid sale in January with final bids due on Jan. 11, 1994.
 Cushman & Wakefield of Pennsylvania will conduct the sale.
 The sealed bid sale includes a 70 percent condominium interest in the Barclay Hotel and Condominiums. The 22-story building is approximately 355,000 square feet and consists of 234 units, a grand ballroom, 10,000 square feet of meeting rooms and a 60-seat piano bar and restaurant. All furnishings, fixtures and equipment will be included in the sale.
 The Barclay Hotel Associates, the owner of the property, filed a voluntary petition for reorganization under Chapter 11 to the Bankruptcy Code in April of 1992. Mutual Benefit Life Insurance Company is selling the property for benefit of its creditors. Cushman & Wakefield of Pennsylvania is acting as the seller's brokerage agent.
 According to C&W brokers Michael Hines and Robert Fahey, the sale of the hotel is timely. With the completion of the new Convention Center, the demand for hotel rooms has increased significantly, which has had a positive impact on room rates. The brokers predict that the opening of the Philadelphia Convention Center will generate another 465,000 room nights in 1994. Hines and Fahey cite the recent sale of the Ramada Inn at 501 N. 22nd St. and the pending sale of the Omni Hotel on 4th and Chestnut streets as examples of heightened interest in hotel properties in Center City Philadelphia. Although the Barclay currently operates primarily as a hotel, several investors are said to be considering converting the building for residential apartment and/or condominium use.
 As one of Philadelphia's most prominent hotels for many decades, The Barclay Hotel housed numerous celebrities and visiting dignitaries. Philadelphia Orchestra conductor Eugene Ormandy and Fredric R. Mann, a former city official and U.S. ambassador to Barbados, were two well- known permanent residents of the prestigious hotel.
 Cushman & Wakefield, an international real estate services firm, exclusively serves the needs of business real estate. Its diversified services include office and industrial/technology sales and leasing; financial, appraisal and
management services; development consulting and market research. Now in its 76th year, Cushman & Wakefield is a member of the Rockefeller Group.
 /delval/
 -0- 11/16/93
 /CONTACT: Jennifer Todd McNamee of Mullahy Company, 215-567-6400, for Cushman & Wakefield of Pennsylvania/


CO: Cushman & Wakefield of Pennsylvania; The Barclay Hotel Associates ST: Pennsylvania IN: LEI SU:

JM-MJ -- PH016 -- 5019 11/16/93 11:15 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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