MAYOR NUTTER AND PIDC CELEBRATE TWO NEW HOTEL DEVELOPMENTS IN OCTOBER

In an exciting month for Philadelphia’s hospitality industry, Mayor Michael A. Nutter and PIDC celebrated the grand opening of one hotel and the groundbreaking of another within one week in October.  On October 11, Kimpton Hotels & Restaurants hosted a grand opening of the four-star Hotel Monaco located at 5^th and Chestnut Streets while on October 18, Ensemble Hotel Partners organized a groundbreaking ceremony for a Courtyard by Marriott which is the first hotel to be constructed at The Navy Yard.  Combined, these two new hotel projects are creating more than 200 permanent jobs in Philadelphia as well as hundreds of construction jobs.

Across the street from the Liberty Bell and Independence Park, Kimpton’s Hotel Monaco Philadelphia comprises 11 floors, with 268 guestrooms, 13,000 square feet of meeting space, a ground-floor restaurant, and Philadelphia’s largest rooftop lounge.  This property, designed by Gensler with Intech Construction serving as the general contractor, is LEED (Leadership in Energy and Environmental Design) registered in hopes of becoming certified as the second LEED Gold hotel for Kimpton in Philadelphia.

PIDC and CanAm Enterprises facilitated the senior financing for Kimpton through their Welcome Fund loan program and PIDC also provided subordinate financing based on job creation.  Kimpton operates 57 hotels in 24 cities and is a recognized leader in the boutique hotel industry.

“The Hotel Monaco Philadelphia is a game changer for the city and for Kimpton,” said Nick Gregory, General Manager, Hotel Monaco Philadelphia. “The neighborhood welcomed Kimpton with open arms with our first Philadelphia hotel, the Hotel Palomar, and we’re thrilled to introduce more family members here with a new unique boutique hotel that has the city’s only true rooftop lounge, top-notch chef-driven dining and catering, and unmatched programs and services. This all chalks up to what we envision as an enriching and captivating Philadelphia experience.”

At The Navy Yard, Ensemble Hotel Partners broke ground on a $34 million Courtyard by Marriott hotel designed by Erdy McHenry Architects with Intech Construction as the design-build contractor.  When it opens in late 2013, the 99,000 square foot property will offer 172 guest rooms, 2,000 square feet of meeting space, and an upscale restaurant and lounge.  The hotel will be LEED Certified, in keeping with the strong commitment to sustainability and energy efficiency at The Navy Yard.

PIDC and CanAm Enterprises facilitated the senior financing for Ensemble through their Welcome Fund loan program and PIDC also provided subordinate financing based on job creation.  Ensemble Hotel Partners is a wholly owned subsidiary of Ensemble Investments, LLC which focuses on investment, development and asset management of branded and independent hotels in the United States.

“This new hotel is a great addition to the growing and dynamic business campus being built at The Navy Yard,” said Philadelphia Mayor Michael A. Nutter. “With almost 10,000 employees working at The Navy Yard, this new development will serve the demand of the companies and people located there and will provide a boost for our local economy.”

For more information on support for new hotel development in Philadelphia, please contact Anne Bovaird Nevins at 215-496-8151 or anevins@pidc-pa.org.