Fortuna Realty to PHL Local: If You Build It, We Will Come

Fortuna Realty to PHL Local: If You Build It, We Will Come

The casino contender gets a letter of intent for a LoSo Entertainment Center Hotel.

PHL Local Gaming, one of the five remaining contenders for Philadelphia’s casino license, announced today that Fortuna Realty Group has given them a letter of intent to build a four-star hotel adjacent to its casino should it win the bid. PHL Local’s current application has a 250-room hotel as part of its proposal, so this would be additional hotel space, also with 250 rooms.

Just as a reminder, Casino Revolution would be in the area PHL Local is calling LoSo, or Lower South. That footprint, according to PHL Local, runs from Front Street to Seventh, and Packer Avenue to Pattison. Casino Revolution would have a couple thousand slot machines, 100+ table games, and several restaurants. The company’s stated purpose, however, is not just to bring a casino and entertainment center to that area, but to revitalize it with surrounding new businesses and recreational venues and opportunities.

Fortuna now wants to be a part of that transformation. From today’s announcement:

Fortuna’s director of acquisitions and asset management, Ashish Lall commented on the LoSo vision: “Fortuna agrees that by transforming the area from FDR Park to the Delaware River Waterfront into a recreation, leisure and entertainment destination, this project will bring many economic and social benefits to the area.”

The New York-based Fortuna owns Hotel Hugo in SoHo and the Garden City Hotel on Long Island. They currently have a Starwood Aloft in development as well as the former Pan American building on the Avenue of the Americas.

Read the original article by Liz Spikol of Property Philadelphia.


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