Philadelphia – Surrounded by City officials and hundreds of guests, Ensemble Hotel Partners, LLC, held a groundbreaking ceremony today for its new, $34 million hotel at The Navy Yard. The spectacular, five-story Courtyard by Marriott is the first hotel to be constructed at The Navy Yard, home to more than 120 companies and 10,000 employees by the end of 2012.
“This new hotel is a great addition to the growing and dynamic business campus being built at The Navy Yard,” said Philadelphia Mayor Michael A. Nutter. “With almost 10,000 employees working at The Navy Yard, this new development will serve the demand of the companies and people located there and will provide a boost for our local economy.”
The Courtyard by Marriott, which is expected to open next year, offers a modern and dramatic design by Erdy McHenry Architects of Philadelphia. INTECH Construction, also of Philadelphia, is the design-build contractor of the 99,000 square foot hotel which will sit on 2.4 acres. When the hotel is complete, it will offer 172 rooms with executive suites, 2,000 square feet of meeting space, upscale restaurant and lounge featuring park views, and a state-of-the-art fitness center. In keeping with The Navy Yard’s commitment to high-quality cutting edge design, the hotel will feature a modern design which will incorporate a rain-screen system comprised of alternating metal panels and glazing. This highly articulated façade will vary in color and shadow depending upon the time of day and intensity of sunlight.
Philadelphia native and co-developer Louis A. Cicalese says the new hotel will be LEED certified for energy efficiency and will provide another great amenity to the The Navy Yard.
Ensemble Hotel Partners
Ensemble Chief Operating Officer Ed Proenza stated, “Today’s groundbreaking serves as an exciting opportunity for Ensemble Hotel Partners and signals continued growth at The Navy Yard. Companies and employees need a high quality hotel, restaurant and meeting space. We believe this new hotel will be the centerpiece of future growth.”
The Courtyard by Marriott project was announced last year by Liberty Property/Synterra L.P., a joint-venture between Liberty Property Trust and Synterra Partners, and the Philadelphia Industrial Development Corporation (PIDC). Ensemble Hotel Partners, LLC was selected to develop the hotel, which is one of nine projects currently under development at The Navy Yard Corporate Center. PIDC and CanAm Enterprises facilitated the financing for the hotel development through The Welcome Fund, a source of low-interest capital for projects in Philadelphia which involve significant job creation. The hotel is expected to create nearly 400 construction jobs and 50 permanent full-time positions upon completion. Interim construction financing was provided by Bank of America.
“The Navy Yard is a magnet for forward-thinking companies and a true workplace of the future,” said John Gattuso, senior vice president and regional director for Liberty Property Trust, the developer of The Navy Yard Corporate Center. “This important amenity will further the emergence of The Navy Yard as the place for companies seeking a dynamic innovative workforce.”
The Courtyard by Marriott is expected to open late 2013.
About Ensemble Hotel Partners
Ensemble Hotel Partners is a wholly owned subsidiary of Ensemble Investments, LLC which focuses on investment, development and asset management of branded and independent hotels in the United States. EHP is based in Long Beach, California with a team of fully dedicated and innovative professionals committed to the hotel industry. Ensemble Investments, LLC is an investment company that invests in a wide variety of real estate ventures ranging from healthcare, office, urban residential and hospitality. Ensemble has worked closely with Liberty Property Trust, PIDC, Marriott Corporation and the City of Philadelphia in order to arrive at a highly desirable hotel for the Navy Yard.
About The Navy Yard
The Navy Yard is a 1,200 acre, dynamic urban development, offering the Philadelphia region a unique and centrally-located business campus with an uncompromising commitment to sustainability. The Navy Yard is home to over 120 companies in the office, industrial, manufacturing, and research and development sectors, occupying a mix of historic buildings and new LEED® certified construction.
About the Navy Yard Corporate Center
The Navy Yard Corporate Center is a master-planned development within The Navy Yard featuring state-of-the-art, sustainable multi-tenant and build-to-suit office space, developed and owned by Liberty Property/Synterra, L.P., a joint venture between Liberty Property Trust and Synterra Partners. During the last eight years, six properties totaling over 580,000 square feet have been completed or are under construction in the Navy Yard Corporate Center representing an investment of approximately $180 million in development (in order of completion):
• One Crescent Drive
• 4750 League Island Boulevard for Unique Industries
• Three Crescent Drive
• 100 Rouse Boulevard for Iroko Pharmaceuticals
• Five Crescent Drive for GlaxoSmithKline
• Courtyard by Marriott
In addition, Liberty Property/Synterra has developed The Tasty Baking Facility and two high-finish flex buildings at the Navy Yard Commerce Center as well as two build-to-suits at Research Park in The Navy Yard for an additional investment of over $80 million.
About Philadelphia Industrial Development Corporation
The Philadelphia Industrial Development Corporation (PIDC) has been Philadelphia’s economic development corporation since 1958. As a non-profit, public-private partnership founded by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC plans and implements financing and real estate transactions throughout all neighborhoods that attract investments, jobs, and tax ratables to Philadelphia. In its master developer role at The Navy Yard, PIDC's Real Estate Group manages all aspects of the property's management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions.
About Liberty Property Trust
Headquartered in Malvern, PA, Liberty Property Trust (NYSE: LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty’s 77 million square foot portfolio includes nearly 700 properties which provide office, distribution, and light manufacturing to 1,900 tenants. For more information, visit www.libertyproperty.com.
Synterra Partners is a local real estate development company founded in 1996. The firm has an extensive portfolio of projects that include hotels and resorts, commercial and retail developments both domestic and international. Synterra Partners has earned its extraordinary reputation by working successfully with public and private organizations to create innovative strategies for complex development projects.