Alfred Sanzari Enterprises
Hampton Inn & Suites by Hilton
and Homewood Suites by Hilton
Size: 324,897 SF
Alfred Sanzari Enterprises’ new dual-branded hotel – currently under development at Glenpointe in Teaneck – taps into the growing demand among business and leisure travelers for modern lodging options outside of Manhattan. When the premier hospitality property opens this spring, it will bring 350 new hotel rooms to the market: 160 in the extended stay Homewood Suites by Hilton and another 190 from the Hampton Inn & Suites by Hilton. Both brands will share the same entrance, meeting room, function space, fitness center and parking garage. Guests at both brands will enjoy complimentary breakfast and free WiFi. The hotel will include 1,200 square feet of meeting space that can accommodate up to 100 people.
Procida Funding/100 Mile Fund
Divine Lorraine Hotel
Size: Iconic 10-story property into a prestigious multi-family residential community comprised of 109-rental units (101 units in the main building and 8 units in the annex building) with approximately 15,000 SF of net leasable specialty retail space
Construction to convert Philadelphia’s Divine Lorraine Hotel into 110 apartments, 25,000 feet of retail, and a boutique hotel began in 2017 thanks to Procida Funding’s $34 million loan; part of a $75 million investment in the renaissance of Philadelphia’s North Broad Street Corridor. Prior to Procida’s financial infusion, The Devine Lorraine Hotel had lain dormant for 40 years. Since 2013, Procida Funding has completed more than $100 million dollars of loans in Philadelphia that includes the repurpose of the former Thaddeus Stevens High School into The Mural Lofts, 56 fully-occupied luxury apartment homes, the former Studebaker Showroom being renovated for office and retail uses, and the Philadelphia Opera House.