According to Philly.com the W Hotel Group has "secured a $400 million dollar loan" as of last week to break ground on a new property that is planned to open Q1 2015 in main Philadelphia. The hotel is proposed to be 500 rooms -- that means that each room will effectively be worth almost a million big ones each. Now back in 2006 BusinessTravelNews.com reported that the Ritz-Carlton Charlotte would cost a mere $60 million for a much more modest 150 rooms. Hmmm... then I guess we had better be impressed once the W Philadelphia opens its doors.
Trey Sarten, spokesman for W Hotels Worldwide and Le Méridien, commented this past Friday on the project:"We continue to believe Philadelphia would be a great market for our leading global brands and are committed to actively working with Chestlen Development to bring this much-needed new-build hotel project to the city."
The W Hotel proposed for 1441 Chestnut St. has secured all approvals to move forward, according to the hotel company and a construction-industry website that tracks such projects in the United States.
Construct-A-Lead, the online construction-projects database, reported earlier this week that the luxury hotel project was progressing and that "businesses interested in establishing early relationships and providing services relative to the project should visit construct-a-lead.com."