Opening in May 2000, the project, located in the historic Mellon Bank Rotunda and Tower, will be named The Ritz-Carlton, Philadelphia. The Ritz-Carlton Hotel Company, L.L.C. will cease management of the current Ritz-Carlton, Philadelphia at the end of 1999.

"We are pleased to be able to preserve the tradition of award-winning hospitality we brought to the city," said Horst Schulze, president and chief operating officer. "We are excited to be part of this landmark project and the gateway hotel to the upcoming Avenue of the Arts."

"The opening of the new Ritz-Carlton, Philadelphia, at the advent of the millennium, signals the beginning of an era of renewed prominence and progress for the city," said Craig A. Spencer, president and chief executive officer of The Arden Group, the project developer.

"For the past eight years, it has been an honor to operate a hotel in Philadelphia. The many awards and exceptional recognition the hotel has garnered are a tribute to the professionalism of the ladies and gentlemen who are Ritz-Carlton employees. Our mission remains constant for the remainder of 1999: to provide the finest facilities and services for our guests," said Jim Horsman, general manager of The Ritz-Carlton, Philadelphia. 

The new Ritz-Carlton, Philadelphia will be located at One Avenue of the Arts in two landmark historic buildings: the former Mellon Bank Rotunda and Tower. Both buildings are important examples of American neoclassical architecture. The hotel will be the focal point of the area's $330 million transformation into a world-class cultural destination and the center of the arts in Philadelphia. It will also be three blocks from the Philadelphia Convention Center and convenient to City Hall, the Liberty Bell and Independence Hall.

The hotel will feature 330 guestrooms and suites with panoramic views of downtown Philadelphia. The hotel includes The Ritz-Carlton Club, a private lounge and 40 guest rooms accessed by elevator key and featuring five complimentary food beverage presentations daily and the services of a dedicated concierge.

Meeting space includes 25,000 square feet of function space in the main tower plus 7,000 square feet located in the center of the Rotunda, the adjacent landmark 19th century bank building.

Dining options include the Chestnut Street restaurant for fine dining, the three-meal Grill restaurant and the Cigar Library Bar. Afternoon tea and cocktails will be available in the dramatic Lobby Lounge, located in the Rotunda.

Other services and amenities include a fitness center, business center, sundry and gift shop.

Hodges Ward Elliott, Inc., the nation's leading hotel brokerage and hotel investment banking firm, represented Philadelphia Hospitality Partners, L.P., in the transaction.  With the selection of The Ritz-Carlton, Hodges Ward Elliott assisted the owner in securing the development capital (debt and equity) and brand affiliation for the property in just over three months.