Korman Communities Inc. is expanding its AKA and AVE luxury extended-stay brands to new markets and plans to spend nearly $1 billion during the next three to five years making acquisitions. The buying spree and foray into Los Angeles and London comes after the company successfully launched the brands nearly four years ago. Korman also intends to add properties in markets where it currently has a presence, which includes Philadelphia; New York; Washington, D.C.; and their immediate suburbs.
In Philadelphia, its AKA is at 135 S. 18th St. on Rittenhouse Square and it has an AVE complex off Route 30 in Malvern near the Great Valley Corporate Center. The two brands have been a success.
