JV Has Waldorf-Astoria Headed to Philly

PHILADELPHIA-If winning the World Series wasn’t enough, this city was greeted by news today that its luxury-hotel market will get a big boost. A joint venture between Hilton Hotels Corp., Mariner Commercial Properties, private investor Brook Lenfest and Gatehouse Capital Corp., plans to bring a Waldorf Astoria Hotel and Residences to the corner of 15th and Chestnut streets.

The $420-million development is planned for a 2012 opening and will total 58 stories at 670 feet. It will include 136 private residences starting at $1 million, while the hotel will have 175 guest rooms. Also in the works are a 14,000-sf spa, 11,600 sf of conference space and room for a 2,140-sf boutique shop and 7,000-sf restaurant on the ground floor.

Tim Mahoney, president and chief executive officer of Ardmore, PA-based development firm Mariner and Lenfest, who is chairman of communications firm NetCarrier, acquired the site in 2000. Dallas-based Gatehouse, which has invested in W hotels across the country as well as other brands, signed on to the development site last year.