Bank of the Ozarks and Cornerstone Real Estate Advisers have provided $160m in combined financing for the development of a dual-branded W + Element hotel in Center City Philadelphia, Pennsylvania: a $100m senior loan and a $60m mezzanine loan, respectively.
Vine Street Matthews, a joint venture between Matthews Southwest and Vine Street Ventures, is the developer of the 755-room project. The hotel — at 1441 Chestnut Street — will be one block from the newly-redeveloped Dilworth Plaza and City Hall and minutes from the recently expanded Pennsylvania Convention Center in downtown Philadelphia.
The 55-story hotel complex will be operated by Starwood Hotels & Resorts Worldwide and scheduled to open in late 2017.
The W portion of the hotel complex will consist of 295 guest rooms averaging 400 sq ft. Guest rooms will be located on floors 32 through 49 with an average of 21 rooms per floor. It will feature a 150-seat restaurant; a 100-seat destination bar; 32,300 sq ft of meeting space; a 2,900 sq ft spa; and a 1,400 sq ft FIT gym and swimming pool, among other amenities.
The Element portion, on floors 9 through 31 with an average of 20 rooms per floor, will house 460 studio, one- and two-bedroom guest rooms averaging 400 sq ft. Additional amenities will include a 470 sq ft meeting room; a 750 sq ft fitness center and a separate 7,500 sq foot lobby.