May 24, 2016
Ritz-Carlton Philadelphia changes owner
May 19, 2015 Carey Watermark Investors Incorporated (CWI) announced that it has acquired a majority interest in the 299-room Ritz-Carlton Philadelphia (The Ritz-Carlton) in a joint venture with Philadelphia Hospitality …

Read more

May 19, 2015

Carey Watermark Investors Incorporated (CWI) announced that it has acquired a majority interest in the 299-room Ritz-Carlton Philadelphia (The Ritz-Carlton) in a joint venture with Philadelphia Hospitality Partners, LP, the owner of the property.

Historic property in premier Center City, Philadelphia location: Originally built between 1904 and 1908 as The Girard Trust Company, the rotunda and adjacent eight-story tower of The Ritz-Carlton Philadelphia were designed by McKim Mead and White; the adjoining tower was added in 1923. The building was expanded from 8 stories to a height of 30 stories in 1931 and converted to The Ritz-Carlton in 2000. Located within the central business district, the landmark hotel is adjacent to City Hall and within walking distance of the recently completed $50 million Dilworth Plaza fountain and skating rink, as well as fine dining and upscale shopping.

Improving Philadelphia hotel market: One of the top 25 hotel markets in the United States, Philadelphia benefits from a well-diversified economic base with major sectors such as healthcare, education, legal, insurance and technology that serve as cornerstones for the market’s strength and vitality. According to PKF Hospitality Research, hotel occupancy in Center City Philadelphia hit 76% in 2014, the highest annual occupancy since 1949. The city is in the midst of a major revitalization with over 50 major Center City developments in progress representing over $4.7 billion in total investment. Some other notable, recent projects include the 2011 expansion of the Pennsylvania Convention Center (and subsequent management change in late-2013), expansions at the University of Pennsylvania and the Jefferson Health System and large-scale redevelopment projects of historic buildings located throughout the city.

Article Located Here

Recent

Go Store It Opens New Storage Facility in Redlands, CA

Go Store It Opens New Storage Facility in Redlands, CA

Go Store It Self Storage has opened its latest state-of-the-art storage facility in Redlands, Ca. Go Store It Redlands is strategically designed to meet the needs of the Redlands community and the rapidly growing Inland Empire. The 114,750 square foot, 838-unit facility sits on approximately six and a half acres, and has over 400 feet…

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now