Hotel occupancy in Center City, curbed by September 11 fallout, the variety of problems that have beset the Pennsylvania convention center, and the current economy, hovers near the 60% level, industry sources tell GlobeSt.com. Meanwhile, the Center City residential market is gaining steam.
As a result, Metro plans to convert the 16-story, 294-unit suites hotel into condominium residences. The cost of conversion, according to published reports, is $10 million, a figure Denise Giannone, manager and marketer of the facility declined to confirm.
An initial mailer, promoting the condo units, has been sent to more than 4,500 Center City apartment dwellers, Giannone said. While still operating as a hotel, the property has been renamed The Grandview, a name it will carry during and after the conversion.
The conversion will begin on the top floors, and Metro plans to begin that process in August, based on initial response to the marketing campaign. The least expensive, one-bedroom unit will sell for $95,000, according to Giannone. The most expensive unit is a top-floor, 1,900-sf, three-bedroom corner apartment being offered for $369,000. Two-bedroom units are priced in the $240,000 range.
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