State Sen. Vincent Hughes has announced Philadelphia Industrial
Development Corp. will receive a $2 million low-interest State loan to
build a Hilton Homewood Suites extended-stay hotel.
Hughes added the project is expected to generate local jobs and boost
revenue in the University City section of Philadelphia.
“The 40th & Walnut Street area has been the focus of redevelopment
planning initiatives here in Philadelphia for nearly 15 years,” Hughes
said. “I am pleased that the State funding for this extended-stay hotel
will be a huge boost for redevelopment in this area.”
The 110,000 square foot, 10-story, 136-suite hotel represents the
largest private investment in the West Philadelphia neighborhood west of
40th Street in decades. The hotel will be located at 4109 Walnut Street.
Hughes added the hotel will fill a substantial room demand generated by
Penn University, its hospital system and the Children’s Hospital of
Philadelphia, as well as other area institutions.
“There is a real reed for convenient and cost effective lodging for the
families of patients, consultants and itinerant employees on long visits
to the area institutions,” Hughes said. “This hotel will fill that demand.”
The project is expected to create 34 permanent full-time jobs and
roughly 350 temporary construction jobs.
The funding is from the Building PA funding program administered by the
Commonwealth Financing Authority. The loan was approved during a CFA
meeting last week.
-- Tony West
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