|The W Philadelphia lives!!! |
Saturday, 28th April 2012
Source : Andrew Calvo ~ Passions Of A Zealot
Update: I originally found out about the W Philadelphia two days before I wrote this story and put off writing it.
Then after I wrote it I saw that HotelChatter picked it up a few hours before me; don’t want anyone to think I’m stealing it as my own discovery!
The hotel and real estate industry has been hoping that 2012 would be the year that development and expansion would come back to life in the United States; well just by looking at whats occured in the past few months, 2012 is turning out to be the year that undoes everything that was cancelled during the economic downturn.
First we had 1 Hotel jockeying to be selected for the Brooklyn Bridge Park (ok, so that was late 2011 – but it was selected as a finalist in February 2012).
Then we had the Baccarat Hotel brand being resurrected to be built in New York City, and now I found out that the W Philadelphia is finally actually going to be built!
Although not in its original location (which is now under construction to be a Home2Suites) but on the propety where the Waldorf-Astoria Philadelphia was to be built.
While perusing through Starwood Hotel’s upcoming locations webpage this weekend I came across this upcoming location in Philadelphia:
After some searching I found it was the same location as the Waldorf Astoria which was put on hold in 2010 due to the impossibility of getting credit to build the complex. At the time the property was sold at auction to Brooke Lenfest, whose company Philadelphia Suburban Cable company was sold to Comcast in the late 90′s for over 2 billion dollars, and the owners of the property stated they were “still under a management contact with Hilton Hotels” to still open the Waldorf on the site, and likewise, Hilton also stated a commitment to the project..
My how times change.
Now the only thing that is confirmed is that the Waldorf Astoria is out, and the W Philadelphia is back, no word on building height, if there is a residential component or if Stephen Starr will be opening a restaurant within the hotel as planned for the original W Philadelphia.
2012 is already turning out to be an interesting year in hotel development.. Lets see what the rest of the year brings!
Andrew Calvo is a Commercial Real Estate Advisor in New Jersey. I live in Tinton Falls, NJ. This blog is about my passions - primarily hotels, commercial real estate, and development, etc.
Since I have been in High School I've had numerous jobs, but the field which has always interested me is Real Estate, Hotel Development and Construction. I consider myself a zealot in that area - I try to absorb as much as I possibly can, take the experiences that I learn, or read about and use them in my life.