Thursday, January 7, 2016

SBE, Dranoff Propose Second High-Rise Hotel In Center City

SBE Entertainment Group and Dranoff Properties have proposed a 22-story hotel and apartment project 337-341 South Broad St., near SBE and Dranoff’s proposed luxury hotel at Broad and Spruce Streets in Philadelphia’s Center City.

The developers late last month presented plans for the project to the zoning committee for the Washington Square West Civic Association (WSWCA). The current building on the site at 337 S. Broad St., which now hosts a Starbucks, restaurant and parking structure, would be demolished once Dranoff acquires the land and secures a zoning change through the city.

The $75 million project would include retail on the first two floors, a hotel lobby on the fourth floor, six floors totaling 76 hotel rooms under SBE’s new Hyde brand, and 83 apartments on the top 11 floors. Los Angeles-based SBE was founded by hospitality investor Sam Nazarian.

Dranoff expects to close on the purchase of the property from Samson Asset Management, representing the Samuel Rappaport family, by mid-year, according to published reports on the informational presentation to WSWC.

SBE and Dranoff’s hotel proposed in late 2013, SLS Lux, is scheduled to open in 2017. The developers say the Hyde lodging property will be somewhat less upscale and will not cannibalize business from the upscale SLS.

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