AFC Realty Capital Inc. of New York bought the four-story, 20,000-square-foot property at 1234 Locust St. in 2005 out of a bankruptcy and planned to spend about $10 million converting it into 15 condos.The location is definitely great, especially for a high-end boutique hotel. As you all know by now, Midtown Village is rad. (And it keeps getting radder — Apothecary, Time,
Plans [now] call for turning the Georgian Revival [building] into a 24-room upscale hotel that will be renamed the Independent.
Moreover, this property will have a head start on the other hotels trying to penetrate the nabe — The Independent will (allegedly) be open for business this summer.
AFC Realty has teamed up with Hersha Hospitality Management, a private affiliate of Hersha Hotels, to reposition the property back into a hotel. The joint venture has AFC retaining ownership, putting up the bulk of the $1 million renovating the interior from "top to bottom, " and having Hersha Hospitality take an equity interest in the property as well as manage it. It's scheduled to reopen this summer.Hersha currently operates nine properties in the Philadelphia area, all of which are chains and none of which are very fancy (read Hampton Inn Center City, Holiday Inn Express King of Prussia, etc.).
So it remains to be seen just how upscale-boutique The Independent gets, but it should be noted that The Independent will, in fact, be an independent, non-affiliated boutique hotel.
And with such a great location, we’re confident AFC and Hersha know what to do — meaning we fully expect The Independent to be a solid boutique hotel addition to Philly's inventory.
No word on whether this will affect Bump, which we believe is the only current tenant of the building.
Inn on Locust planning to re-sprout as downtown boutique hotel [ Philadelphia Business Journal ]
The Inn on Locust, a shutdown hotel, will become condos [ Philadelphia Business Journal ]