PHILADELPHIA—CBRE has arranged a joint venture between Realen Properties of Berwyn, PA and HRI Properties, a New Orleans developer that specializes in renovating historic sites, to convert the Liberty Title & Trust building at 101 N. Broad St. into a hotel.
CBRE's Michael Kane and CBRE Hotel Group's Lewis Miller and Doug Henkel represented Realen Properties during the joint venture.
Built in 1916, the now vacant 181,000 square-foot building will be converted into a 179-room hotel by Starwood Hotels & Resorts.
“This transition is a win-win for all parties involved, as the newly formed joint venture between HRI and Realen will take a historically and architecturally significant but vacant building and transform it into a vibrant hotel catering to the close proximity of the convention center, business and museum districts and a prominent corner in downtown Philadelphia,” says Michael Kane, senior vice president, CBRE.
The complete renovation of the building into a hotel, which will also include complimentary retail on the ground floor, is expected to be completed by the end of 2017.
PHILADELPHIA—CBRE has arranged a joint venture between Realen Properties of Berwyn, PA and HRI Properties, a New Orleans developer that specializes in renovating historic sites, to convert the Liberty Title & Trust building at 101 N. Broad St. into a hotel.
CBRE's Michael Kane and CBRE Hotel Group's
Built in 1916, the now vacant 181,000 square-foot building will be converted into a 179-room hotel by Starwood Hotels & Resorts.
“This transition is a win-win for all parties involved, as the newly formed joint venture between HRI and Realen will take a historically and architecturally significant but vacant building and transform it into a vibrant hotel catering to the close proximity of the convention center, business and museum districts and a prominent corner in downtown Philadelphia,” says Michael Kane, senior vice president, CBRE.
The complete renovation of the building into a hotel, which will also include complimentary retail on the ground floor, is expected to be completed by the end of 2017.
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