Thursday, September 26, 2011 FOR IMMEDIATE RELEASE
Mayor Nutter announced today construction of a new Center City hotel slated to start in a few months just across the street from the Pennsylvania Convention Center on 12th and Arch Streets.
Check out the press release below:
MAYOR NUTTER, PARKWAY CORPORATION ANNOUNCE NEW CENTER CITY HOTEL
Philadelphia, September 26, 2011- Mayor Michael A. Nutter and the Parkway Corporation announced the construction of a new Hilton Home2 Suites hotel in Center City adjacent to the Pennsylvania Convention Center at 12th and Arch Streets, which will open in Summer 2013. The hotel is phase II of development of this property, which began with the 860-space Convention Center Garage. The Home2 Suites will add 246 new hotel rooms to the downtown market in support of the City’s hospitality and tourism industry, which supports 56,000 jobs in the city. The project will create 123 new construction jobs and 146 new permanent hotel jobs.
“This development will provide brand new Center City hotel rooms for visitors to the newly expanded Pennsylvania Convention Center and tourists visiting the city,” said Mayor Michael A. Nutter. “By the time this project opens, we will have added more than 1,000 new rooms to the Center City hotel market in order to meet the demand for additional hotel rooms generated by the convention center expansion and the continued growth in our tourism market. This hotel will help to ensure the hospitality industry continues to play a central role strengthening our regional economy.”
The hotel will feature over 2,000 square feet of meeting space and 9,750 square feet for ground floor retail and restaurants. The total project cost is $60 million and will be partially funded with $2.75 million in Redevelopment Assistance Capital Program (RACP) funding and an Infrastructure and Facilities Improvement Program (IFIP) grant from the Commonwealth of Pennsylvania. The Philadelphia Industrial Development Corporation (PIDC) will provide $5 million in HUD 108 loans and the building will receive $3 million in EnergyWorks funding from PIDC and The Reinvestment Fund. The energy conservation measures for the hotel will include a partial green roof, high efficiency HVAC system and significant energy performance upgrades. L.F. Driscoll will oversee construction of the development.
With Philadelphia’s hospitality industry as a key driver of economic development in the city, additional hotel rooms are needed to address the growing number of convention-goers, business travelers and visitors to the city from around the globe. With the expansion of the Pennsylvania Convention Center, it was expected that new hotel rooms would be needed to meet the demand generated by that project and the overall growth of the tourism market. To date, Philadelphia has added approximately 525 new hotel rooms in Center City and another 270 rooms are currently under construction. The Hilton Home2 Suites project will add an additional 246 rooms, bringing the total to more than 1,000 new rooms in Center City.
“The new Hilton Home2 Suites hotel, so close to the convention center and area attractions, will be a great addition to Philadelphia’s complete package,” said Jack Ferguson, president & CEO, Philadelphia Convention & Visitors Bureau. “Now to cap off hotel development, we would ideally add another anchor convention hotel to meet the needs of the expanded Convention Center, which has more than doubled in size and is now able to host two conventions simultaneously and mega tradeshows.”
“We are fortunate that Philadelphia hotels are strongly supported by all segments–business, group and leisure travelers,” said Meryl Levitz, president and CEO, Greater Philadelphia Tourism Marketing Corporation (GPTMC). “In fact, since 1997, overnight trips to Philadelphia are up 66%; six times faster than the national average. That makes the Hilton Home2 Suites a welcome addition to Center City.”
Throughout the month of September, Mayor Nutter is holding a number of events highlighting ongoing job creation and retention throughout the city. These announcements are intended to communicate and build on the successes of the City’s “Smart City. Smart Choice.” economic development strategy. More information can be found at www.phila.gov/smartchoice.
About Parkway Corporation:
Parkway Corporation, founded in 1936 with a single parking lot in Philadelphia by Herman and Lee Zuritsky, continues to be owned and managed by the Zuritsky and Winigrad families. Parkway is expert in both parking management as well real estate development. Parkway currently operates more than 75 parking properties in the U.S. and Canada, with properties in Philadelphia, PA, Pittsburgh, PA, Baltimore, MD, Richmond, VA, and Toronto, ON. Parkway has been involved with almost 7 million square feet of real estate projects through development, acquisition and redevelopment. Those projects included office, retail, restaurants, parking, mid-rise residential (The Pearl condominiums – Chinatown), ultra-luxury residential condominiums (1706 Rittenhouse – Rittenhouse Square) and most recently rental residential (American Lofts – Northern Liberties).