Starwood’s First Dual-Branded W + Element Hotel Coming to the ‘City of Brotherly Love’
- Jun 22, 2015
Starwood Hotels & Resorts Worldwide, Inc. officially began construction on its first-ever W and Element dual-branded hotel development.
The upcoming 755-key, trophy-class tower is rising in the heart of downtown Philadelphia. By the time it opens in early 2018, the 51-story building will feature a 295-room W Philadelphia and a 460-room Element Philadelphia.
The owner of the project is Chestlen Development, an affiliate of Brook Lenfest, and the developer is Vine Street Matthews Development.
According to the Philadelphia Business Journal, the cost of the high-rise amounts to $280 million. This includes $33 million in tax increment financing, as well as construction loans totaling $160 million. HFF arranged the financing by placing a $100 million senior loan with Bank of the Ozarks and a $60 million mezzanine loan with Cornerstone Real Estate Advisers.
The two hotels will have separate characteristics and entrances.
W Philadelphia will be the luxury brand’s only hotel in the city. It will feature a 150-seat restaurant, 2,900-square-foot spa, 1,400-square-foot gym, an outdoor terrace totaling 7,000 square feet with a year-round heated outdoor pool and bar, as well as 45,000 square feet of meeting and event space.
Not as fancy as the W, the eco-friendly, extended-stay Element will have a 1,400-square-foot breakfast and lounge area, a 1,600-square-foot fitness center and 560 square feet of branded meeting space.
Local officials have long waited for this type of development, which will complement the nearby $786 million expansion of the Pennsylvania Convention Center and encourage large-scale new business to select Philadelphia as their convention destination.
Guests will also have easy access to leading city attractions such as the Avenue of the Arts, Independence Hall, Barnes Foundation, Liberty Bell, Mutter Museum, the Philadelphia Museum of Art, and a variety of galleries, restaurants and boutiques.
Upon completion, the project will increase Starwood’s total portfolio in the city to 12 hotels across seven of its nine brands.
Photo credits: Wikimedia Commons