Pearl Properties has launched a $20 million project to convert the former Embassy Suites at 1776 Benjamin Franklin Parkway in Philadelphia into apartments, the Philadelphia Business Journal reports.
The Philadelphia real estate company bought the hotel in late 2018 for $60 million and continued to operate it as a hotel that catered to business travelers, tourists and conventioneers. When the pandemic caused business and leisure travel to all but cease, Pearl decided to close the hotel last July 4.
“The hotel was doing fantastically well before the pandemic,” said Jim Pearlstein, president at Pearl Properties. “We always knew we could convert it to apartments."
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