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PHILADELPHIA-If winning the World Series wasn’t enough, this city was greeted by news today that its luxury-hotel market will get a big boost. A joint venture between Hilton Hotels Corp., Mariner Commercial Properties, private investor Brook Lenfest and Gatehouse Capital Corp., plans to bring a Waldorf Astoria Hotel and Residences to the corner of 15th and Chestnut streets.

The $420-million development is planned for a 2012 opening and will total 58 stories at 670 feet. It will include 136 private residences starting at $1 million, while the hotel will have 175 guest rooms. Also in the works are a 14,000-sf spa, 11,600 sf of conference space and room for a 2,140-sf boutique shop and 7,000-sf restaurant on the ground floor.

Tim Mahoney, president and chief executive officer of Ardmore, PA-based development firm Mariner and Lenfest, who is chairman of communications firm NetCarrier, acquired the site in 2000. Dallas-based Gatehouse, which has invested in W hotels across the country as well as other brands, signed on to the development site last year.

The developers are lucky that the hotel isn’t opening for a while, given the economy, Robert Fahey, executive vice president of CB Richard Ellis’ investment properties institutional group, tells GlobeSt.com.

“I think if the building were to open today, there’s a decent chance it would not be successful,” he says. “But in a normal economy, Philadelphia is in need of an alternative to the Four Seasons and the Rittenhouse. In a healthier environment, I think it would do well.”

The occupancy rate is the city right now across property types is about 65%, Fahey points out.

Hilton will manage the Waldorf. It’s Waldorf-Astoria Collection of hotels include the original Waldorf, in New York City; the Arizona Biltmore Resort & Spa, in Phoenix; Grand Wailea Resort, in Maui, HI; La Quinta (CA) Resort & Club; Qasr Al Sharq, in Saudi Arabia; and Rome (Italy) Cavalieri.

Future Waldorfs are planned for Beverly Hills; Montreal and Orlando and Sarasota, FL.

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