Canopy by Hilton Philadelphia Center City
The Stephen Girard Building is a 13-story historic building located at the corner of 12th and Ludlow Streets, just north of Chestnut Street in the Midtown Village section of Philadelphia, PA. Initially constructed in 1896, the building was designed in the Beaux-Arts style and was one of the first high-rises in the city. The building now stands as an integral part of the latest phase of placemaking efforts at East Market, National Development’s mixed-use development project in Center City, Philadelphia. The former office building now operates as a 236-key franchised hotel under the Canopy by Hilton flag, a hospitality brand that taps into the growing experiential travel market by designing its guest rooms, amenities, services, and menus to resonate with local styles and flavors. The combination of the hotel’s central location, access to neighborhood amenities, local design, and historic significance drives the hotel’s performance as well as contributes to the revitalization of the East Market neighborhood. The Canopy by Hilton Philadelphia Center City has been recognized for numerous awards, including the Hilton Legacy Award for Lifestyle Brands Developer of the Year, Preservation Alliance for Greater Philadelphia Preservation Achievement Award, and was a finalist for Hospitality Design Magazine’s Annual Award for Best Lifestyle Hotel Public Spaces.
National developed the Canopy by Hilton Philadelphia Center City for the ownership group led by National Real Estate Advisors as well as Girard Square Investors Holdings, a historic tax credit investor, and Girard Square Partners. The Stephen Girard Building was an underperforming office building in need of substantial capital repairs. National Development studied a variety of uses for the asset including conversion to residential or a hotel, as well as maintaining the office use with necessary upgrades. Ultimately, converting the historic office into a lifestyle hotel, in accordance with the National Parks Service standards to secure historic tax credits, was determined to be the highest and best use for the asset.