https://starwood.q4web.com/investor-rela...wntown-Philadelphia/default.aspx?print=1
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced the commencement of construction for its first-ever W and Element dual-branded hotel development, scheduled to open in the heart of downtown Philadelphia in early 2018. The 295-room W Philadelphia and 460-room Element Philadelphia will occupy a 51 story skyscraper located in the geographic center of the city’s business, arts and retail districts, and directly across from Philadelphia City Hall. Owned by Chestlen Development and developed by Vine Street Matthews Development, the highly-anticipated project will also boast panoramic city views and facilities include an outdoor pool bar and terrace, market-leading meeting and banquet facilities, exciting food and beverage outlets, and prime retail space along Chestnut Street.
“This exciting project will bring two popular Starwood brands to Philadelphia and provide much needed inventory to the City and Convention Center, attracting even more visitors and meetings business to our downtown,” said Philadelphia Mayor Michael A. Nutter. “The construction and operations of the new development will also have a significant economic impact on the City of Philadelphia and the surrounding region, creating numerous immediate and long-term jobs and generating substantial tax revenues.”
Brook Lenfest, Owner of Chestlen Development said, “This has been many years in the making and a true collaboration between ownership, our development partners, the City of Philadelphia, the Commonwealth of Pennsylvania and Starwood Hotels & Resorts. We’re excited to deliver this iconic project to the downtown market.”
“We have actively pursued this market for some time and look forward to the upcoming debut of both W and Element in Philadelphia as part of this dual-branded development, which will increase Starwood’s total portfolio in the city to 12 hotels across seven of our nine world-class brands,” said Allison Reid, Senior Vice President of North American Development for Starwood Hotels & Resorts Worldwide, Inc. “Our innovative W Hotels brand provides contemporary luxury and insider access in key urban and exotic destinations worldwide, while Element Hotels is an industry-leader in the eco-space, offering stylish, sustainable extended stay lodging. These two unique and highly differentiated brands will offer guests a new experience not currently available in the Philadelphia market.”
Combined the W Philadelphia and Element Philadelphia can operate jointly as a 755 room headquarters hotel ideal for conventions and group business due to its direct views as well as short walking distance from both Suburban Station and the Broad Street entrance to the Pennsylvania Convention Center. Additionally, the property’s downtown location is proximate 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 the galleries, restaurants and boutiques along Walnut Street, Chestnut Street and Rittenhouse Row. Less than 10 miles from Philadelphia International Airport (PHL) and one block from the re-designed Dilworth Plaza.
“The $786 million expansion of the Pennsylvania Convention Center has transformed it into the largest contiguous exhibit space in the Northeast and generated increased demand for high-caliber lodging within walking distance,” said Jack Ferguson, President and CEO of the Philadelphia Convention & Visitors Bureau. “These two new Starwood hotels will supply additional downtown room inventory in close proximity to Pennsylvania Convention Center, which will encourage large-scale new business to select Philadelphia as their convention destination."
Guests will enter W Philadelphia via the hotel’s distinct entrance on Chestnut Street. The ground-floor will feature a signature W Living Room (the W brand’s take on the traditional hotel lobby) with a full bar and VIP room and a 150-seat destination restaurant. In addition, the hotel will feature a 2,900 square foot spa, 1,400 square foot FIT gym, and 7,000 square foot WET outdoor terrace with a year-round heated outdoor pool and destination bar, and 45,000 square feet of state-of-the-art meeting and event space for conventions, business meetings and social functions of all sizes. More than just a hotel brand, W Hotels is an innovative luxury lifestyle brand that connects global jetsetters and local tastemakers to the pulse of the next big thing. First introduced in 1998, W Hotels is a global design powerhouse with more than 46 hotels and retreats in the world’s most vibrant cities and exotic destinations.
The Element Philadelphia will feature a separate arrival lobby on Chestnut Street with elevator access to the main second floor lobby, which will feature a 1,400 square foot breakfast and lounge area, a 1,600 square foot fitness center and 560 square feet of branded meeting space. The hotel’s light-filled studios will offer a fluid design of modular furniture, fully equipped kitchens, and spa-inspired bathrooms will feature an invigorating rain shower and dual-flush toilet. Guests will be able to stay on the move with Element’s complimentary bikes to borrow program and enjoy the brand’s signature complimentary RISE breakfast and RELAX evening reception. On track to double its portfolio in the next two years, Element is the first major hotel brand to mandate that all properties pursue the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification for high-performance buildings. It’s recognized as an industry leader in the eco-space and offers travelers a fresh, reimagined interpretation of the extended stay hotel experience.
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