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. Initally constructed in 1896, the building was designed in the Beaux-Arts style and was one of the first high-rises in Philadelphia. The building now stands as an integral part of the latest phase of placemaking efforts at National Development’s East Market, National Development’s mixed-use development project in Center City Philadelphia. The former office building will operate 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 building’s prime location, historic origins, and tailored branding will help highlight the hotel and its ongoing significance as an historic building, as well as add to the revitalization of the East Market area.
National Development 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 decided as the highest and best use for the asset.