Dranoff Goes Big on South Broad
At 47 stories, it will be hard to miss SLS International, the mixed hotel and residential project Dranoff Properties and sbe have planned for the Avenue of the Arts. Yesterday, Carl Dranoff and sbe CEO Sam Nazarian unveiled the project at the Kimmel Center, across from the underutilized stretch of Broad Street where the skyscraper will rise and include 150 hotel rooms and 125 luxury condos. The design is by Kohn Pederson Fox Associates. The name of the development is partly a nod to Gamble & Huff's hitmaking Philadelphia International Records, whose offices were located at the site. (No word yet if hoteliers will wear polyesterer in tribute.)
This morning, we snapped Carl at our third annual New Jersey Multifamily Summit in Newark. "Philadelphia's hotel market is booming, with room rates and occupancy rates going up," he tells us. He thinks the planned W Hotel will help business at the Convention Center. As a boutique, SLS International will target biz travelers and tourists attracted to the nearby, walkable shopping and entertainment, he says, and he's confident Sam's SLS brand will bring new energy to the market. It's the first hotel-slash-condo concept in 25 years, "but taller, sleeker, and with more sophistication and amenities, which are ingredients needed for success," he says. He's particularly excited about the "amazing" food and beverage operations Sam is bringing to the table.
