$60 Million Hilton Hotel Coming To Center City Philadelphia
Philadelphia Real Estate Blog – Center City Philadelphia Hilton
Hilton Home2 Suites has begn construction on a $60 million new hotel in Center City Philadelphia according to an annoucement by Mayor Michael Nutter, the developer and city officials. Home2 Suites is the newest hotel in the Hilton portfolio and as the name suggests the hotel is made up entirely of suites and was designed to compete with Starwood’s W Hotel brand. The 12th and Arch location, adjacent to the newly expanded (for $780 million) Pennsylvania Convention Center, will open Summer 2013 and will have 246 rooms.
Here are some additional facts about the project:
- Philadelphia-based Parkway Corp. , which operates 75 parking facilities in the United States and Canada, will be the developer
- The plan also calls for a 860-space parking garage
- The hotel will have 9,750 square feet for ground floor retail and restaurants and 2,000 square feet of meeting space
- The hotel will have a partial green roof and high efficiency HVAC system
- The hotel will create 123 construction jobs and 146 permanent hotel jobs
- To finance the project the developers will receive $2.75 million in funding from the state Redevelopment Assistance Capital Program AND $5 million in HUD 108 loans will be provided by Philadelphia Industrial Development Corp. Another$3 million was secured from EnergyWorks funding administered by PIDC and The Reinvestment Fund
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
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