[Boku]

Hyatt Centric tops out in Philadelphia

https://www.bizjournals.com/philadel...ladelphia.html

A new $125 million Hyatt Centric under development at 17th and Chancellor streets in Philadelphia, marked a construction milestone with a topping out.

The final steel beam was raised on the 13-story, 190,000-square-foot building that is a block away from Rittenhouse Square and adds to a list of new hotels that will open over the next two years in Philadelphia. Eleven new hotels are scheduled to open in between now and 2020 in Center City. Those properties combined will add more than 2,000 new rooms to the market.

That’s a spike in the number of room when compared to recent years. Between 2014 and 2016, three new properties with 97 rooms combined opened in Philadelphia, according to data from analytics firm STR. Those numbers sharply rose in 2017 and 2018, when 11 hotels with 1,089 rooms opened in downtown Philadelphia.

Hyatt Centric will have 322 hotel rooms. It caters to millennials and is deliberately located in the heart of the city where restaurants and attractions are within walking distance. The building is rising on a narrow site that once housed Little Pete’s restaurant. An entity affiliated with Hyatt Hotels Corp. paid $25 million for the property.

The structure extends the length of Chancellor Street and will include a fitness center, event, lounge and meeting spaces as well as below-grade parking for 220 vehicles. It is scheduled to open in the summer of 2020.