Campus Apartments branched out of student housing to build this extended-stay hotel in University City, a West Philadelphia neighborhood near several universities and medical facilities.Philadelphia — Campus Apartments debuted its first hotel at a grand opening Aug. 1.
The 136-suite, extended-stay Homewood Suites by Hilton is in the West Philadelphia neighborhood of University City, home to the University of Pennsylvania, Drexel University, the University of the Sciences as well as Children's Hospital of Philadelphia, Roberts Proton Therapy Center, which is part of Penn's Abramson Cancer Center, as well as other learning and medical facilities.
Campus Apartments broke ground on the project in December 2010. The hotel cost approximately $49 million, with sources including a private equity partner, Campus Apartments' own equity and tax credits, according to The Wall Street Journal. Room rates for the 500-square-foot suites are just below $200 per night.
The hotel is the first part of a multi-phased redevelopment plan for the Walnut Street property, with phase II of the project currently in the planning stage. Campus Apartments' hotel development team included Alesker & Dundon Architects LLC, general contractor L.F. Driscoll Co. and interior designer Floss Barber, Inc.