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PHILADELPHIA-Target Corp. buys Adam's Mark Philadelphia, the 515-room luxury hotel on City Ave. and Monument Rd. Tommie Monroe, VP of corporate affairs for the S. Louis, MO-based hotel chain, tells GlobeSt.com he doesn't know what Target plans for the property and declined to reveal the selling price.
Calls to Target were not returned by deadline. There is currently one Target store in Philadelphia at 179 Mifflin St. On condition of anonymity, the spokesperson for a member of the City Council speculates to GlobeSt.com, "Target will probably tear down the building and build a store at that location. There are questions about the zoning classification there that are yet to be resolved."
Monroe says Adam's Mark's hotel realm has been "downsized" from 24 to seven properties this year. Asked if it was getting out of the hotel business, he said, "We will hold onto six, maybe seven." Properties in Dallas, Denver and Jacksonville, FL, are currently being remodeled.
Adam's Mark Philadelphia has been a landmark here for 21 years. It contains more than 55,000 sf of meeting space, a 12,144-sf ballroom, and three restaurants: Marker, Appleby's and Players. Monroe says his company has no plans to develop another hotel property here. The existing hotel "will operate as Adam's Mark until Jan. 30, 2005 at which time the building will be closed and presented to Target Corp."
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