JLL’s Hotels & Hospitality group arranged a $57 million refinance for the Sofitel Philadelphia at Rittenhouse Square, a 306-key luxury hotel in the heart of Center City Philadelphia.
JLL worked on behalf of the borrower, a joint venture that includes Clearview Hotel Capital, to secure a loan through Simmons Bank.
The 13-story hotel occupies a distinctive modernist landmark originally built in 1966 as the Philadelphia Stock Exchange and converted in 2000 as the first new Sofitel developed by Accor in North America in more than a decade.
The property has 306 guestrooms averaging 421 square feet, including 68 suites that represent 22 percent of the room inventory. All guestrooms have Parisian-inspired interiors with marble bathrooms, glass-enclosed showers and separate soaking tubs. Public spaces include two restaurants (supplied by a rooftop garden) and more than 16,000 square feet of meeting and event space span two dedicated floors, highlighted by the 4,636-square-foot Paris Ballroom accommodating up to 300 guests for banquets.
The property has undergone $26 million in capital investment since 2011, including $10 million in comprehensive guestroom renovations in 2019 by the prior owner and $6 million invested by the current ownership since acquisition in August 2022. Recent improvements include complete transformations of the meeting spaces completed in April 2023 and lobby and bar renovations completed in May 2024.
The hotel is situated in Philadelphia's Rittenhouse Square district, within walking distance of the University of Pennsylvania, Drexel University, Penn Medicine, Jefferson Health and the Pennsylvania Convention Center. The property is approximately three miles from the South Philadelphia Sports Complex, home to Lincoln Financial Field, Citizens Bank Park and Xfinity Mobile Arena. Philadelphia International Airport is located approximately eight miles from the hotel.
The property is managed by Accor and is the only Accor-branded property in Philadelphia.