Add another ambitious condo/hotel project to the dust heap. The 58-story Waldorf Astoria Hotel in Philadelphia
has been postponed indefinitely. The $420 million project was to be a lavish project with a Waldorf-Astoria hotel, restaurant, spa, upscale retail and 136 condo units starting at $1 million. Philly.com reports
that this is one of nine major hotel projects in the Center City area that have either been delayed or indefinitely put on hold. The project was doomed by the usual suspects, an uncertain real estate market and a banking climate that makes it virtually impossible for developers to get loans.
One of the developers, Timothy J. Mahoney III, president and chief executive officer of Mariner Commercial Properties Inc. has sold his stake in the project to his partner, Brook Lenfest of Brooks Capital Group.The developer is still under a management contract with Hilton Hotels which owns the Waldorf brand. Hilton is still committed to the project but it may be a while before this one comes to pass.