Norwalk-based HEI Hotels & Resorts has again marched into the city center of Philadelphia to acquire another Le Meridien hotel.
The 202-room facility is the latest addition to HEI”™s quickly growing hotel ownership and operating portfolio; the company has a steady history of buying hotels throughout the country. This latest Philadelphia acquisition makes 33 hotels that HEI currently owns and operates.
“This marks our third Le Meridien, and third hotel in downtown Philadelphia, a perfect complement to our portfolio of upper-upscale hotels in markets with high barriers to new entry,” said Steve Mendell, president of acquisitions and development for HEI.
The property was developed as an adaptive reuse project by Development Services Group Inc. of Memphis, Tenn., utilizing the historic YMCA building that had been closed for several years. Upon its opening this month, HEI will begin to operate the hotel.
“The beautifully constructed adaptive reuse will be a significant addition to the Philadelphia marketplace and a tremendous addition to our growing portfolio,” said Mendell
The hotel was originally built as a Y in 1912, designed by architect Horace Trumbauer. The 10-story Georgian revival style building underwent an extensive renovation.
Mendell said the hotel will feature 5,330 square feet of meeting space, including a 2,900-square-foot ballroom that can accommodate up to 250.
“Center City is in the midst of a revival, and the Le Meridien is well positioned to benefit from the ongoing development in the area, including the expanding convention center,” said Roger Clark, senior vice president for acquisitions and development at HEI. Â “We fully expect the hotel to become the premier destination for travelers seeking the brand’s unique amenities and appealing decor.”
