Headlines: Major Changes on the Way at the Ritz-Carlton
Hotels are a hot topic around the city these days. While a lot of the talk has been about the construction of the W and Element Hotel at 15th and Chestnut, the Ritz-Carlton has long been a stalwart on that very same block and recent changes seem to suggest it’s looking to reassert its dominance in a rapidly changing hospitality scene.
Natalie Kostelni of the Philadelphia Business Journal reports that “Carey Watermark Investors Inc has purchased a majority interest in the Ritz-Carlton and plans a $21.3 million renovation on the entire 299-room property on South Broad Street in Philadelphia.” The deal is a joint venture with Philadelphia Hospitality Partners and it sounds like a full-scale “contemporary” revamp of iconic hotel is on its way, including upgrades to the rooms, ballroom and more.
The work is expected to be wrapped up in 2016. The Ritz won’t be the only high-end hotel getting a new look in the near future. The Four Seasons on the Parkway is set to close in June, with a yet-to-be-named hotel featuring a modern look taking its place.
Ritz Carlton ownership changes, renovations in the works [Philadelphia Business Journal]
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