PHILADELPHIA: Dranoff and Nazarian Unveil New Hotel
Want to get a jump-start on upcoming deals? Meet the major players at one of our upcoming national events!
At 47 stories, it will be hard to miss SLS International, the mixed hotel and residential project Dranoff Properties and sbe have planned for the Avenue of the Arts. This week, Carl Dranoff and sbe CEO Sam Nazarian unveiled the project at the Kimmel Center, across from the underutilized stretch of Broad Street where the KPF-designed skyscraper will rise and include 150 hotel rooms and 125 luxury condos. The name of the development is partly a nod to Gamble & Huff's hitmaking Philadelphia International Records, whose offices were located at the site. (No word yet if hoteliers will wear polyester in tribute.)
"Philadelphia's hotel market is booming, with room rates and occupancy rates going up," says Carl (whom we snapped at this week's Bisnow NJ Multifamily Summit). He thinks the planned W Hotel will help business at the Convention Center. As a boutique, SLS International will target biz travelers and tourists attracted to the nearby, walkable shopping and entertainment, he says, and he's confident Sam's SLS brand will bring new energy. It's the first hotel-slash-condo concept in 25 years, "but taller, sleeker, and with more sophistication and amenities, which are ingredients needed for success," he says. He's particularly excited about the "amazing" F&B operations Sam is bringing to the table.