A new Market East hotel proposed by the Goldenberg Group could be among the biggest in Center City, raising questions about whether post-pandemic demand will be enough to support the additional room supply. City officials announced plans for the 420,000-square-foot hotel late last month as part of a larger vision to revitalize East Market Street anchored by the 76ers' proposed $1.3 billion arena. The hospitality project by Blue Bell-based Goldenberg would include the construction of a 400- to 600-bed hotel with 45,000 square feet of retail space on the surface parking lot at 800-838 Market St., according to the city. No other details were provided, and Goldenberg has not clarified whether the city's range of "400 to 600 beds" refers to individual beds or rooms. Ed Grose, executive director of the Greater Philadelphia Hotel Association, said a new 600-room hotel would be "pretty big for Philadelphia." That would make it the third largest hotel in Center City, behind only the 1,408-key Philadelphia Marriott Downtown near the Pennsylvania Convention Center and the 759-room Sheraton Philadelphia Downtown in the office district.
Source: Philadelphia Business Journal; 10/3/2024