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Philly Probably Won't Be Getting That Waldorf-Astoria After All

May 11, 2009 at 9:46 AM | by | Comments (4)

So, remember how we told you that Philly was going to get a Waldorf-Astoria? Yeah, well, maybe not.

The building — which was set to be all done in 2012 — was going to have 136 residences (starting at around $1 million) and 175 guest rooms, plus a 14,000-square-foot spa fitness center with an indoor pool, two cocktail lounges, two restaurants and a seasonal outdoor restaurant and cocktail terrace.

But the $420-million project, unsurprisingly, has been put on hold — with a pretty sad-looking future. According to the Philadelphia Inquirer, construction was supposed to start in January but the folks behind the project realized there were "structural problems in the marketplace right now," there was a change in the hotel ownership and, no doubt also due to the dismal state of the luxury hotel market right now, things got put on hold — indefinitely.

Though Hilton says they're still "committed to the project" and the owners remain under a management contract with Hilton to fly the Waldorf-Astoria Collection flag at the hotel, we're not gonna be holding our breath on this one.

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No W too

that stinks for philly. they were also supposed to get a W and that's not happening anymore.
juliana on May 11, 2009 at 11:30 AM #Permalink

Klein/Lalvani

I wonder if it had anything to do with Klein/Lalvani fiasco..
AndrewC on May 11, 2009 at 1:00 PM #Permalink

i'd guess...

that this why its not happening:

"It's impossible to get lending for this. "There's just no access to capital right now. Even if I pre-sold 100 percent of the residential units, I couldn't find a lender today."

hilton's got nothin to do with it

bangerang on May 11, 2009 at 2:22 PM #Permalink

W Hotel-Philadelphia

"It is going through," Katherine Tory, a member of Starwood's development team, told the philadelphia Inquirer, adding that the hotel could open as early as April 2014.

The hotel is to be built on the land that Hilton had planned to build a Waldorf Astoria Hotel.

Its about time that philly will have a W Hotel!

mdeluca on May 14, 2012 at 8:33 PM #Permalink
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