The Latham Hotel to Close, Apartments Planned (Updated)

Update (Nov. 4, 11:30 a.m.)

James Pearlstein, owner of Pearl Properties, confirmed in an email to Property that the real estate giant has purchased The Latham Hotel and plans to convert it into 144 rental apartments. “We don’t have plans for the retail space at this time,” wrote Pearlstein.

It should come as no real surprise that Pearl Properties is involved in this deal. This year alone, we’ve told you about their massive project involving 1900 Chestnut and the tower at the Boyd Theatre site, the demolition of the parking garage at Broad and Locust, the Under Armour and apartments coming to 16th and Walnut, and the purchase of the Art Deco building housing the Art Institute of Philadelphia at 1618 Chestnut Street, where Pearl is planning to put an Old Navy flagship store.

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There’s a big shakeup coming to the corner of 17th and Walnut, as The Latham Hotel will officially close its doors by Monday, November 9th.

PhillyChitChat’s HughE Dillon first reported the news on October 30th, and a call to the Latham’s front desk confirmed that the closure. “It’s going to become condos … everyone is getting laid off,” said an employee at the Latham. A message left for general manager Ross Black has not yet been returned.

A quick peek at the reservation schedule on The Latham’s website shows that nothing is available beyond Monday’s date:

As Dillon notes, it looks like The Latham’s ground floor restaurant and wine bar, Urban Enoteca, is also closing. Permits pulled on September 30th suggest it will become some sort of financial services spot with the “previously approved restaurant, for retail sale of consumer goods” slated for the second flood space, which currently looks to be a fitness center.

In fact, the permit even tells us that we can expect to see “144 residential dwelling units” at the new Latham, assuming it’s even going to be called that in the future.

Apparently the building is under new ownership, though it is unclear who that is at this time. Industry insiders seemed surprised by the news and even the person at the front desk was uncertain as to where to transfer my inquiry about the new owners and the closing/conversion of the hotel. Eventually, she connected me to Black’s voicemail, and the call has yet to be returned. We now know that Pearl Properties own the building and will undertake the overhaul into apartments.

This story has been updated to reflect that Pearl Properties owns the building and that the hotel will be converted into apartments, not condos.

• Closing: The Latham: One of the Most Historic Hotels in Philadelphia [PhillyChitChat]