Quote:
Originally Posted by PHLtoNYC
Inside is stunning, and a new restaurant will be nice.
Outside if hideous minus the entrance. Maybe a chance at re-cladding in a decade.
Also amazing this project cost $81M. An example of the outrageous construction costs in Philadelphia, second to only New York, yet a lesser return.
One of the reasons why most new buildings in Chicago and DC look better than here is because construction costs are significantly lower and returns are equal or greater.
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Is this assessment based on anything other than your opinion? $81MM for a 332 room hotel in the heart of Rittenhouse Square sounds quite reasonable to me.
That's $240K per room. Assuming a rate of $250 a night and 80% occupancy, each one of those rooms will generate $73K a year. That's a 3.5 year ROI.
Do you think this hotel would cost anywhere near $81M in NYC? Probably more like $200 million.