Wednesday, October 12, 2011

Marriott hotel planned for Navy Yard

"A new Marriott-brand hotel is headed to the Navy Yard, the latest in a string of recent developments and expansions planned for the complex.

Liberty Property Trust is close to completing the financing for the new hotel.

"We are delighted to invite you to attend the announcement of a new hotel to be built at the Navy Yard, which will serve the demand of this dynamic and growing mixed-use campus," read the e-mail from Anne Bovaird Nevins, senior vice president of market development at PIDC.

"I don't know much about the project yet," said Ed Grose, executive director of the Greater Philadelphia Hotel Association, "but it shows that the efforts to bring business to the Navy Yard has been successful."

Liberty Property Trust, one of the nation's largest publicly traded commercial and industrial REITs, is the current landlord for GlaxoSmithKline, Tastykake, and Iroko Pharmaceuticals at the Navy Yard.

"We have been very pleased to commence several significant projects to the Navy Yard this year, including a new center for GlaxoSmithKline and new headquarters for Iroko Pharmaceuticals," said John Gattuso, senior vice president and regional director for Liberty Property Trust. "We expect that momentum to continue for the balance of the year."

The number of rooms for the hotel and its projected cost were not available. But a source close to the negotiations said Liberty sought bids over the summer to select a hotel developer to own the hotel at the Navy Yard Corporate Center.

The developer - Ensemble Hotel Partners L.L.C of Long Beach, Calif. - was selected a few months ago, while Marriott was chosen as the hotel flag. The financing for the project was still being finalized, according to the source."

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